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

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) were down 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 mid-day trading, a decline of 90% from the average daily volume of 6,919,230 shares. The stock had previously closed at $3.81.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CLOV. Craig Hallum initiated coverage on Clover Health Investments in a report on Tuesday, December 17th. They set a “buy” rating and a $6.00 target price on the stock. Canaccord Genuity Group boosted their price objective on shares of Clover Health Investments from $4.20 to $4.50 and gave the company a “buy” rating in a report on Monday, March 3rd.

Clover Health Investments Stock Down 4.1 %

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

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 shares were 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 owns 1,299,663 shares in the company, valued at approximately $4,938,719.40. This represents a 3.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carladenise Armbrister Edwards sold 200,000 shares of Clover Health Investments stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $3.61, for a total transaction of $722,000.00. Following the completion of the sale, the director now directly owns 273,227 shares in the company, valued at approximately $986,349.47. This represents a 42.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,500 shares of company stock valued at $1,197,500 over the last quarter. Insiders own 22.28% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Several large investors have recently modified their holdings of CLOV. Phoenix Financial Ltd. increased its position in Clover Health Investments by 6.8% in the fourth quarter. Phoenix Financial Ltd. now owns 39,000 shares of the company’s stock worth $123,000 after buying an additional 2,500 shares during the last quarter. Steph & Co. lifted its stake in shares of 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 in the last quarter. Parallax Volatility Advisers L.P. grew its position in shares of Clover Health Investments by 47.7% in the fourth quarter. Parallax Volatility Advisers L.P. now owns 19,855 shares of the company’s stock valued at $63,000 after purchasing an additional 6,408 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Clover Health Investments by 6.3% during the 4th quarter. Arizona State Retirement System now owns 118,265 shares of the company’s stock valued at $373,000 after purchasing an additional 6,990 shares during the period. Finally, SignalPoint Asset Management LLC lifted its holdings in Clover Health Investments by 6.2% during the 4th quarter. SignalPoint Asset Management LLC now owns 160,074 shares of the company’s stock worth $504,000 after purchasing an additional 9,390 shares in the last quarter. Hedge funds and other institutional investors own 19.77% of the company’s stock.

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.