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Clover Health Investments (NASDAQ:CLOV) Downgraded by Zacks Investment Research

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Zacks Investment Research lowered shares of Clover Health Investments (NASDAQ:CLOVGet Rating) from a buy rating to a hold rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Clover Health Investments Corp. is a healthcare technology company. It uses its proprietary technology platform to collect, structure and analyze health and behavioral data to improve medical outcomes and lower costs for patients. Clover Health Investments Corp., formerly known as Social Capital Hedosophia Holdings Corp. III, is based in Calif. “

A number of other research analysts have also recently commented on the company. Canaccord Genuity Group boosted their price objective on Clover Health Investments from $6.00 to $7.00 and gave the stock a buy rating in a research note on Thursday, February 24th. SVB Leerink reduced their price objective on Clover Health Investments from $3.00 to $2.50 and set a market perform rating on the stock in a research note on Friday, February 25th. Cowen upgraded Clover Health Investments from an underperform rating to a market perform rating and reduced their price objective for the stock from $7.00 to $3.00 in a research note on Wednesday, February 2nd. Finally, Canaccord Genuity Group began coverage on Clover Health Investments in a research note on Wednesday, February 2nd. They set a buy rating and a $6.00 price objective on the stock. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $6.43.

Shares of Clover Health Investments stock opened at $2.37 on Tuesday. Clover Health Investments has a twelve month low of $1.95 and a twelve month high of $28.85. The stock has a market capitalization of $1.12 billion, a P/E ratio of -1.66 and a beta of 1.75. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 0.04. The business’s fifty day moving average price is $3.08 and its 200 day moving average price is $3.86.

Clover Health Investments (NASDAQ:CLOVGet Rating) last issued its quarterly earnings data on Monday, February 28th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.18). The company had revenue of $432.04 million for the quarter, compared to analyst estimates of $412.00 million. Clover Health Investments had a negative return on equity of 97.71% and a negative net margin of 39.93%. As a group, sell-side analysts predict that Clover Health Investments will post -0.93 EPS for the current year.

In other news, Director Lee Shapiro acquired 80,000 shares of the stock in a transaction that occurred on Friday, March 11th. The stock was purchased at an average cost of $3.10 per share, with a total value of $248,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Chelsea Clinton acquired 100,000 shares of the stock in a transaction that occurred on Thursday, March 3rd. The stock was purchased at an average cost of $2.53 per share, with a total value of $253,000.00. The disclosure for this purchase can be found here.

A number of institutional investors have recently made changes to their positions in the stock. Viewpoint Capital Management LLC increased its holdings in Clover Health Investments by 19.6% in the first quarter. Viewpoint Capital Management LLC now owns 30,500 shares of the company’s stock valued at $108,000 after buying an additional 5,000 shares during the last quarter. Gainplan LLC grew its holdings in shares of Clover Health Investments by 41.6% during the first quarter. Gainplan LLC now owns 45,767 shares of the company’s stock valued at $162,000 after purchasing an additional 13,457 shares during the last quarter. Nicholas Hoffman & Company LLC. bought a new position in shares of Clover Health Investments during the first quarter valued at approximately $36,000. WMS Partners LLC bought a new position in shares of Clover Health Investments during the first quarter valued at approximately $43,000. Finally, Swiss National Bank grew its holdings in shares of Clover Health Investments by 7.5% during the first quarter. Swiss National Bank now owns 703,300 shares of the company’s stock valued at $2,497,000 after purchasing an additional 48,800 shares during the last quarter. 23.26% of the stock is owned by hedge funds and other institutional investors.

Clover Health Investments Company Profile (Get Rating)

Clover Health Investments, Corp. operates as a medicare advantage insurer in the United States. The company through its Clover Assistant, a software platform that provides preferred provider organization and health maintenance organization health plans for medicare-eligible consumers. It also focuses on non-insurance businesses.

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