Clover Health Investments (NASDAQ:CLOV) Shares Down 3.5% – Here’s Why

Clover Health Investments, Corp. (NASDAQ:CLOV) was down 3.5% during trading on Wednesday . The company traded as low as $3.70 and last traded at $3.68. Approximately 718,880 shares traded hands during trading, a decline of 90% from the average daily volume of 6,919,230 shares. The stock had previously closed at $3.81.

Wall Street Analyst Weigh In

CLOV has been the topic of a number of research analyst reports. Craig Hallum began coverage on shares of Clover Health Investments in a report on Tuesday, December 17th. They issued a “buy” rating and a $6.00 price target on the stock. Canaccord Genuity Group raised their target price on Clover Health Investments from $4.20 to $4.50 and gave the stock a “buy” rating in a research report on Monday, March 3rd.

Clover Health Investments Stock Down 1.3 %

The stock has a market cap of $1.87 billion, a P/E ratio of -18.30 and a beta of 2.00. The business’s 50-day simple moving average is $4.13 and its two-hundred day simple moving average is $3.64.

Insider Buying and Selling

In related news, General Counsel Karen Soares sold 52,500 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $3.80, for a total transaction of $199,500.00. Following the sale, the general counsel now owns 1,299,663 shares of the company’s stock, valued at approximately $4,938,719.40. This represents a 3.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Carladenise Armbrister Edwards sold 200,000 shares of the firm’s stock in a transaction dated 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 approximately $986,349.47. This represents a 42.26 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 327,500 shares of company stock valued at $1,197,500. Company insiders own 22.28% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. California State Teachers Retirement System grew its holdings in shares of Clover Health Investments by 4.2% during the fourth quarter. California State Teachers Retirement System now owns 351,446 shares of the company’s stock worth $1,107,000 after purchasing an additional 14,068 shares in the last quarter. Jefferies Financial Group Inc. purchased a new position in Clover Health Investments in the fourth quarter worth $135,000. Mackenzie Financial Corp raised its position in Clover Health Investments by 211.3% during the fourth quarter. Mackenzie Financial Corp now owns 78,193 shares of the company’s stock valued at $246,000 after purchasing an additional 53,076 shares in the last quarter. Alpine Global Management LLC bought a new stake in Clover Health Investments during the fourth quarter worth about $226,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Clover Health Investments by 90.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 830,457 shares of the company’s stock worth $2,616,000 after purchasing an additional 394,881 shares in the last quarter. 19.77% of the stock is 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.