5 Penny Stocks That Can Grow Big in 2023

4. Clover Health Investments, Corp. (NASDAQ:CLOV)

Number of Hedge Fund Holders: 17

Clover Health Investments, Corp. (NASDAQ:CLOV) is a Franklin, Tennessee-based provider of Medicare Advantage insurance plans. The company uses the data and technology from its proprietary Clover Assistant platform to assist medical practitioners in making medical decisions.

On November 8, Richard Close at Canaccord assigned Clover Health Investments, Corp. (NASDAQ:CLOV) stock a Buy rating with a target price of $4. The analyst highlighted that the company surpassed the Q3 2022 results compared to his estimates and also increased the revenue guidance for 2022. Mr. Close appreciated the management’s aggressive efforts to achieve profitability in a shorter timeline. Clover Health Investments, Corp. (NASDAQ:CLOV) intends to meet its targets by moderating the company’s growth in Medicare Advantage and non-insurance-related offerings.

Renaissance Technologies raised its stake in Clover Health Investments, Corp. (NASDAQ:CLOV) by 145% during Q3 2022.

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