Clover Health Investments (NASDAQ:CLOV) Shares Gap Down Following Analyst Downgrade

Key Points

• Shares of Clover Health Investments gapped down from $2.85 to $2.33 after UBS Group lowered their price target from $4.50 to $3.00, currently maintaining a neutral rating.
• CEO Conrad Wai sold 91,197 shares for approximately $302,774, reducing his stake by 6.10% while insiders own 24.07% of the company's stock.
• Institutional investors have increased their holdings, with Rhumbline Advisers boosting its stake by 80.5%, alongside several other firms purchasing new stakes in the company.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) gapped down before the market opened on Wednesday after Canaccord Genuity Group lowered their price target on the stock from $4.50 to $4.10. The stock had previously closed at $2.85, but opened at $2.33. Canaccord Genuity Group currently has a buy rating on the stock. Clover Health Investments shares last traded at $2.29, with a volume of 8,152,461 shares changing hands.

Separately, UBS Group lowered their price objective on Clover Health Investments from $4.50 to $3.00 and set a "neutral" rating on the stock in a research report on Wednesday.

Insider Activity at Clover Health Investments

In related news, CEO Conrad Wai sold 91,197 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $3.32, for a total value of $302,774.04. Following the completion of the transaction, the chief executive officer owned 1,403,701 shares of the company's stock, valued at approximately $4,660,287.32. This represents a 6.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 24.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CLOV. Intech Investment Management LLC acquired a new stake in Clover Health Investments in the 2nd quarter valued at $601,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Clover Health Investments in the second quarter valued at about $258,000. Geode Capital Management LLC increased its stake in shares of Clover Health Investments by 95.7% during the second quarter. Geode Capital Management LLC now owns 9,843,349 shares of the company's stock worth $27,467,000 after purchasing an additional 4,812,368 shares in the last quarter. Jupiter Asset Management Ltd. raised its position in shares of Clover Health Investments by 575.9% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 939,590 shares of the company's stock worth $2,621,000 after purchasing an additional 800,581 shares during the last quarter. Finally, Clarity Wealth Advisors LLC acquired a new position in shares of Clover Health Investments during the 2nd quarter worth about $28,000. 19.77% of the stock is owned by institutional investors and hedge funds.

Clover Health Investments Stock Down 1.4%

The stock's 50 day moving average is $2.90 and its two-hundred day moving average is $3.48.

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.