BlackRock Fund Advisors recently announced the acquisition of new stake in Clover Health Investments Corp. (NASDAQ:CLOV). The institutional investor has increased its shareholding in the Healthcare company by 2.22% to 22.13 million shares with purchase of 0.48 million shares. This fresh investment now brings its stake to 5.78% valued currently at $34.97 million. In addition, SSgA Funds Management, Inc. raised its holdings by 0.21 million to 8.16 million shares. And Geode Capital Management LLC has lifted its position by 3.95% or 0.24 million shares – to 6.26 million shares.
With over 6.75 million Clover Health Investments Corp. (CLOV) shares trading Monday and a closing price of $1.24 on the day, the dollar volume was approximately $8.38 million. The shares have shown a negative half year performance of -54.91% and its price on 11/21/22 lost nearly -6.77%. Currently, there are 477.69M common shares owned by the public and among those 346.36M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for CLOV have a consensus price objective of $2.26. The analysts have set the share’s price value over the next 12 months at a high of $4.00 and a low of $1.50. The average price target is 47.01% above its recent price level and an upside to the estimated low will see the stock gain 17.33% over that period. But an upside of 69.0% will see the stock hit the forecast high price target while median target price for the stock is $1.90.
Insiders at the company have transacted a total of 25 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 25 of these insider trades were purchases, accounting for 16,594,340 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Clover Health Investments Corp. are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 9.75 million shares of the company’s stock, all valued at over $15.41 million. iShares Russell 2000 ETF sold -0.16 million shares to see its total holdings shrink to 8.44 million shares valued at over $13.33 million and representing 2.20% of the shares outstanding. Vanguard Small Cap Index Fund bought 0.12 million shares to bring its total holdings to over 8.39 million shares at a value of $13.26 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.19% of the shares outstanding.
Shares of Clover Health Investments Corp. (NASDAQ: CLOV) opened at $1.30, down -$0.03 from a prior closing price of $1.33. The company’s stock has a 5-day price change of -16.22% and -56.79% over the past three months. CLOV shares are trading -66.67% year to date (YTD), with the 12-month market performance down to -78.43% lower. It has a 12-month low price of $1.22 and touched a high of $5.87 over the same period. CLOV has an average intraday trading volume of 7.46 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -14.04%, -26.92%, and -50.16% respectively.
Institutional ownership of Clover Health Investments Corp. (NASDAQ: CLOV) shares accounts for 32.50% of the company’s 477.69M shares outstanding. Mutual fund holders own 12.81%, while other institutional holders and individual stakeholders account for 19.07% and 11.88% respectively.
It has a market capitalization of $570.40M. The earnings-per-share (ttm) stands at -$0.98. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.69% over the week and 7.98% over the month.
Analysts forecast that Clover Health Investments Corp. (CLOV) will achieve an EPS of -$0.24 for the current quarter, -$0.26 for the next quarter and -$0.7 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.36 while analysts give the company a high EPS estimate of -$0.15. Comparatively, EPS for the current quarter was -$0.08 a year ago. Earnings per share for the fiscal year are expected to increase by 37.90%, and 31.20% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Clover Health Investments Corp. (CLOV) as a “Hold” at a consensus score of 3.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 3 of the 6 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the CLOV, a number of firms have released research notes about the stock. Cowen stated their Market Perform rating for the stock in a research note on February 02, 2022, with the firm’s price target at $7-$3. Canaccord Genuity coverage for the Clover Health Investments Corp. (CLOV) stock in a research note released on February 02, 2022 offered a Buy rating with a price target of $6. SVB Leerink was of a view on January 19, 2022 that the stock is Mkt Perform, while Citigroup gave the stock Neutral rating on January 10, 2022, issuing a price target of $9- $3.50. Credit Suisse on their part issued Underperform rating on January 07, 2022.