Craig Hallum Begins Coverage on Clover Health Investments (NASDAQ:CLOV)

Analysts at Craig Hallum started coverage on shares of Clover Health Investments (NASDAQ:CLOV) in a note issued to investors on Tuesday, MarketBeat.com reports. The firm set a “buy” rating and a $6.00 price target on the stock. Craig Hallum’s price objective suggests a potential upside of 90.48% from the company’s previous close.

Separately, UBS Group began coverage on shares of Clover Health Investments in a research note on Monday, October 7th. They set a “neutral” rating and a $4.00 price objective for the company.

Clover Health Investments Stock Performance

NASDAQ CLOV opened at $3.15 on Tuesday. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -15.75 and a beta of 1.94. Clover Health Investments has a 52 week low of $0.61 and a 52 week high of $4.71. The stock’s 50 day moving average price is $3.61 and its two-hundred day moving average price is $2.65.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. The business had revenue of $330.99 million for the quarter, compared to analyst estimates of $347.60 million. Clover Health Investments had a negative net margin of 5.92% and a negative return on equity of 25.46%. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. On average, equities research analysts forecast that Clover Health Investments will post -0.12 EPS for the current year.

Hedge Funds Weigh In On Clover Health Investments

A number of institutional investors have recently added to or reduced their stakes in CLOV. Geode Capital Management LLC increased its position in Clover Health Investments by 21.9% during the third quarter. Geode Capital Management LLC now owns 4,828,701 shares of the company’s stock worth $13,622,000 after buying an additional 868,501 shares during the last quarter. State Street Corp boosted its stake in shares of Clover Health Investments by 65.0% during the 3rd quarter. State Street Corp now owns 2,189,380 shares of the company’s stock worth $6,174,000 after acquiring an additional 862,621 shares during the period. XTX Topco Ltd acquired a new position in shares of Clover Health Investments during the 2nd quarter worth approximately $932,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in Clover Health Investments by 75.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company’s stock valued at $3,181,000 after acquiring an additional 485,987 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Clover Health Investments in the 3rd quarter valued at $1,228,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

About Clover Health Investments

Clover Health Investments, Corp. provides medicare advantage plans in the United States. It operates through two segments: Insurance and Non-Insurance. It also offers Clover Assistant, a cloud-based software platform, that enables physicians to detect, identify, and manage chronic diseases earlier; and access to data-driven and personalized insights for the patients they treat.