Clover Health Investments (NASDAQ:CLOV) Trading 9.2% Higher – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV) shares shot up 9.2% during mid-day trading on Tuesday . The company traded as high as $3.49 and last traded at $3.51. 1,070,689 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 6,785,394 shares. The stock had previously closed at $3.21.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CLOV shares. Craig Hallum assumed coverage on Clover Health Investments in a research report on Tuesday, December 17th. They set a “buy” rating and a $6.00 price objective for the company. Canaccord Genuity Group lifted their price target on shares of Clover Health Investments from $4.20 to $4.50 and gave the company a “buy” rating in a research report on Monday, March 3rd.

Clover Health Investments Price Performance

The stock has a 50 day simple moving average of $3.99 and a 200-day simple moving average of $3.73. The firm has a market cap of $1.79 billion, a PE ratio of -17.47 and a beta of 1.98.

Insider Transactions at Clover Health Investments

In other Clover Health Investments news, CEO Brady Patrick Priest sold 75,000 shares of Clover Health Investments stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $3.68, for a total value of $276,000.00. Following the completion of the sale, the chief executive officer now owns 2,418,151 shares of the company’s stock, valued at approximately $8,898,795.68. This trade represents a 3.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carladenise Armbrister Edwards sold 200,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $3.61, for a total value of $722,000.00. Following the completion of the transaction, the director now owns 273,227 shares of the company’s stock, valued at $986,349.47. This represents a 42.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,500 shares of company stock valued at $1,197,500 in the last quarter. 22.28% of the stock is owned by insiders.

Institutional Investors Weigh In On Clover Health Investments

Large investors have recently bought and sold shares of the business. Triumph Capital Management bought a new stake in shares of Clover Health Investments in the fourth quarter worth approximately $45,000. Parallax Volatility Advisers L.P. raised its stake in Clover Health Investments by 47.7% during the 4th quarter. Parallax Volatility Advisers L.P. now owns 19,855 shares of the company’s stock valued at $63,000 after buying an additional 6,408 shares during the last quarter. Steph & Co. raised its stake in Clover Health Investments by 33.3% during the 4th quarter. Steph & Co. now owns 20,000 shares of the company’s stock valued at $63,000 after buying an additional 5,000 shares during the last quarter. ADAR1 Capital Management LLC bought a new position in shares of Clover Health Investments during the 4th quarter valued at $73,000. Finally, Two Sigma Advisers LP purchased a new position in shares of Clover Health Investments in the 4th quarter worth $78,000. 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.