Clover Health Investments (NASDAQ:CLOV) Trading Down 3.5% – What’s Next?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price traded down 3.5% on Wednesday . The stock traded as low as $3.70 and last traded at $3.68. 718,880 shares were traded during mid-day trading, a decline of 90% from the average session volume of 6,919,230 shares. The stock had previously closed at $3.81.

Analysts Set New Price Targets

Several research analysts recently issued reports on CLOV shares. Canaccord Genuity Group increased their target price on shares of Clover Health Investments from $4.20 to $4.50 and gave the stock a “buy” rating in a research note on Monday, March 3rd. Craig Hallum began coverage on Clover Health Investments in a research note on Tuesday, December 17th. They issued a “buy” rating and a $6.00 target price for the company.

Clover Health Investments Stock Performance

The business has a fifty day moving average of $4.13 and a 200-day moving average of $3.64. The company has a market capitalization of $1.87 billion, a P/E ratio of -18.30 and a beta of 2.00.

Insiders Place Their Bets

In related news, General Counsel Karen Soares sold 52,500 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $3.80, for a total value of $199,500.00. Following the sale, the general counsel now owns 1,299,663 shares in the company, valued at $4,938,719.40. This represents a 3.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brady Patrick Priest sold 75,000 shares of Clover Health Investments stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $3.68, for a total value of $276,000.00. Following the transaction, the chief executive officer now owns 2,418,151 shares of the company’s stock, valued at $8,898,795.68. This trade represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 327,500 shares of company stock worth $1,197,500. Insiders own 22.28% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Clover Health Investments by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 19,585,213 shares of the company’s stock valued at $61,693,000 after purchasing an additional 386,499 shares during the last quarter. Geode Capital Management LLC increased its stake in Clover Health Investments by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 4,882,461 shares of the company’s stock valued at $15,387,000 after buying an additional 53,760 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Clover Health Investments by 167.6% during the 4th quarter. Marshall Wace LLP now owns 3,769,765 shares of the company’s stock worth $11,875,000 after buying an additional 2,360,902 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Clover Health Investments by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,000,505 shares of the company’s stock worth $8,461,000 after buying an additional 150,550 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Clover Health Investments by 65.0% in the third quarter. State Street Corp now owns 2,189,380 shares of the company’s stock valued at $6,174,000 after acquiring an additional 862,621 shares in the last quarter. 19.77% of the stock is currently owned by institutional investors.

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.