Stock Traders Buy High Volume of Call Options on Clover Health Investments (NASDAQ:CLOV)

Clover Health Investments, Corp. (NASDAQ:CLOV) was the target of some unusual options trading on Monday. Investors bought 41,847 call options on the company. This is an increase of approximately 65% compared to the average daily volume of 25,404 call options.

Clover Health Investments Stock Performance

Shares of Clover Health Investments stock opened at $3.22 on Wednesday. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of -40.25 and a beta of 2.10. Clover Health Investments has a fifty-two week low of $2.12 and a fifty-two week high of $4.87. The stock has a 50 day moving average of $2.81 and a 200 day moving average of $3.02.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CLOV. Canaccord Genuity Group dropped their price target on Clover Health Investments from $4.50 to $4.10 and set a “buy” rating for the company in a research report on Thursday, August 7th. UBS Group dropped their price target on Clover Health Investments from $4.50 to $3.00 and set a “neutral” rating for the company in a research report on Wednesday, August 6th. Leerink Partners set a $3.00 price target on Clover Health Investments and gave the company a “market perform” rating in a research report on Tuesday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Clover Health Investments has an average rating of “Hold” and a consensus target price of $4.03.

Insider Activity at Clover Health Investments

In related news, Director Anna U. Loengard purchased 26,500 shares of the company’s stock in a transaction dated Wednesday, August 13th. The stock was acquired at an average cost of $2.59 per share, for a total transaction of $68,635.00. Following the completion of the transaction, the director directly owned 29,610 shares of the company’s stock, valued at approximately $76,689.90. This trade represents a 852.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 24.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CLOV. Rhumbline Advisers grew its position in Clover Health Investments by 80.5% in the first quarter. Rhumbline Advisers now owns 7,085 shares of the company’s stock worth $25,000 after acquiring an additional 3,160 shares during the period. Perigon Wealth Management LLC acquired a new position in Clover Health Investments during the first quarter worth $36,000. Cannon Global Investment Management LLC acquired a new position in Clover Health Investments during the first quarter worth $178,000. Victory Capital Management Inc. lifted its stake in Clover Health Investments by 704.2% during the first quarter. Victory Capital Management Inc. now owns 375,336 shares of the company’s stock worth $1,347,000 after purchasing an additional 328,665 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its stake in Clover Health Investments by 34.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 57,787 shares of the company’s stock worth $207,000 after purchasing an additional 14,958 shares in the last quarter. 19.77% of the stock is currently owned by hedge funds and other 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.