JPMorgan Chase & Co. Reduces Stock Holdings in Clover Health Investments, Corp. $CLOV

by · The Markets Daily

JPMorgan Chase & Co. reduced its holdings in Clover Health Investments, Corp. (NASDAQ:CLOV – Free Report) by 50.3% during the 3rd quarter, Holdings Channel reports. The fund owned 315,245 shares of the company’s stock after selling 318,455 shares during the period. JPMorgan Chase & Co.’s holdings in Clover Health Investments were worth $965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in CLOV. Allworth Financial LP boosted its holdings in shares of Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after acquiring an additional 6,527 shares during the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of Clover Health Investments in the 2nd quarter valued at $31,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Clover Health Investments in the 1st quarter valued at $37,000. 111 Capital acquired a new position in shares of Clover Health Investments in the 3rd quarter valued at $42,000. Finally, Concurrent Investment Advisors LLC acquired a new position in shares of Clover Health Investments in the 3rd quarter valued at $49,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

Clover Health Investments Price Performance

CLOV opened at $1.93 on Friday. The firm has a fifty day moving average price of $1.97 and a 200 day moving average price of $2.45. Clover Health Investments, Corp. has a 1 year low of $1.58 and a 1 year high of $3.92. The stock has a market cap of $1.01 billion, a P/E ratio of -11.35 and a beta of 2.24.

Clover Health Investments (NASDAQ:CLOV – Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). The company had revenue of $487.71 million for the quarter, compared to analyst estimates of $467.06 million. Clover Health Investments had a negative return on equity of 25.17% and a negative net margin of 4.45%. Equities analysts expect that Clover Health Investments, Corp. will post -0.12 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on CLOV. Leerink Partners decreased their target price on shares of Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a research note on Thursday, March 5th. Canaccord Genuity Group decreased their target price on shares of Clover Health Investments from $3.70 to $3.20 and set a “buy” rating for the company in a research note on Friday, March 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research note on Friday, March 27th. Finally, Wall Street Zen upgraded shares of Clover Health Investments from a “sell” rating to a “hold” rating in a research note on Sunday, February 15th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.90.

Check Out Our Latest Analysis on CLOV

Insiders Place Their Bets

In other Clover Health Investments news, CEO Brady Patrick Priest sold 175,000 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $2.17, for a total transaction of $379,750.00. Following the completion of the transaction, the chief executive officer directly owned 1,998,584 shares in the company, valued at approximately $4,336,927.28. This represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 24.07% of the company’s stock.

About Clover Health Investments

(Free Report)

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.

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