Clover Health Investments (NASDAQ:CLOV) Trading Up 4.7% – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price traded up 4.7% on Tuesday . The company traded as high as $4.35 and last traded at $4.3450. 1,096,672 shares were traded during mid-day trading, a decline of 82% from the average session volume of 6,216,778 shares. The stock had previously closed at $4.15.

Analyst Ratings Changes

A number of research firms recently issued reports on CLOV. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Canaccord Genuity Group boosted their price objective on Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a report on Tuesday, July 21st. UBS Group boosted their price target on shares of Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen cut shares of Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 16th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $4.33.

Clover Health Investments Stock Performance

The firm has a market cap of $2.28 billion, a price-to-earnings ratio of -85.88 and a beta of 2.48. The stock has a 50-day moving average of $4.59 and a 200-day moving average of $3.40.

Clover Health Investments (NASDAQ:CLOV) last released its earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. The business had revenue of $743.17 million during the quarter, compared to the consensus estimate of $728.27 million.

Insider Activity at Clover Health Investments

In other Clover Health Investments news, CEO Andrew Toy sold 313,476 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $5.32, for a total value of $1,667,692.32. Following the completion of the transaction, the chief executive officer directly owned 9,609,825 shares in the company, valued at $51,124,269. This trade represents a 3.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Joseph Frank Oldakowski sold 12,102 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $4.86, for a total value of $58,815.72. Following the sale, the vice president owned 299,067 shares in the company, valued at approximately $1,453,465.62. This represents a 3.89% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 418,057 shares of company stock valued at $2,156,348 over the last three months. Insiders own 23.51% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Hedge funds have recently bought and sold shares of the company. Alliancebernstein L.P. increased its position in Clover Health Investments by 1.2% during the third quarter. Alliancebernstein L.P. now owns 415,985 shares of the company’s stock worth $1,273,000 after buying an additional 5,085 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of Clover Health Investments by 8.2% during the 4th quarter. ProShare Advisors LLC now owns 74,700 shares of the company’s stock worth $176,000 after acquiring an additional 5,660 shares during the last quarter. Allworth Financial LP raised its stake in Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after acquiring an additional 6,527 shares during the period. Verition Fund Management LLC lifted its holdings in Clover Health Investments by 11.3% during the 4th quarter. Verition Fund Management LLC now owns 65,777 shares of the company’s stock valued at $155,000 after purchasing an additional 6,677 shares during the last quarter. Finally, Kestra Private Wealth Services LLC boosted its position in Clover Health Investments by 44.1% during the first quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company’s stock worth $43,000 after purchasing an additional 7,500 shares during the period. 19.77% of the stock is currently owned by institutional investors and hedge funds.

About Clover Health Investments

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.