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

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price dropped 3.5% 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.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CLOV shares. Craig Hallum began coverage on Clover Health Investments in a research note on Tuesday, December 17th. They set a “buy” rating and a $6.00 price objective for the company. Canaccord Genuity Group raised their price objective 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.

Clover Health Investments Stock Performance

The stock has a 50 day moving average of $4.13 and a two-hundred day moving average of $3.64. The firm has a market capitalization of $1.87 billion, a P/E ratio of -18.27 and a beta of 2.00.

Insider Buying and Selling at Clover Health Investments

In other Clover Health Investments news, General Counsel Karen Soares sold 52,500 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $3.80, for a total transaction of $199,500.00. Following the completion of the transaction, the general counsel now directly owns 1,299,663 shares in the company, valued at $4,938,719.40. This represents a 3.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brady Patrick Priest sold 75,000 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $3.68, for a total transaction of $276,000.00. Following the completion of the sale, the chief executive officer now owns 2,418,151 shares in the company, valued at $8,898,795.68. This represents a 3.01 % 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 ninety days. Company insiders own 22.28% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

Several institutional investors have recently added to or reduced their stakes in CLOV. Graypoint LLC bought a new position in shares of Clover Health Investments in the fourth quarter valued at approximately $632,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Clover Health Investments in the 3rd quarter valued at about $1,228,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Clover Health Investments by 75.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company’s stock worth $3,181,000 after purchasing an additional 485,987 shares during the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Clover Health Investments during the third quarter valued at $448,000. Finally, State Street Corp boosted its holdings in 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 during 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.