Clover Health Investments (NASDAQ:CLOV) Shares Gap Down - Here's What Happened

Key Points

• Clover Health Investments (NASDAQ:CLOV) shares opened lower at $2.52 after closing at $2.67, with significant trading volume of over 4.7 million shares.
• Analyst ratings have varied, with UBS lowering its price target from $4.50 to $3.00, and Weiss Ratings maintaining a "sell" rating, while the average consensus rating stands at "Hold" with a target price of $4.37.
• Insider activity includes Director Anna U. Loengard purchasing 26,500 shares, increasing her stake significantly, while CEO Conrad Wai sold 91,197 shares, resulting in a decrease in his holding.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $2.67, but opened at $2.52. Clover Health Investments shares last traded at $2.71, with a volume of 4,726,306 shares changing hands.

Analyst Ratings Changes

A number of research firms recently weighed in on CLOV. UBS Group dropped their price target on Clover Health Investments from $4.50 to $3.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Canaccord Genuity Group lowered their price objective on Clover Health Investments from $4.50 to $4.10 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Clover Health Investments in a research report on Wednesday. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $4.37.

Clover Health Investments Price Performance

The company has a market capitalization of $1.37 billion, a P/E ratio of -33.31 and a beta of 2.10. The stock has a 50-day moving average price of $2.77 and a 200-day moving average price of $3.07.

Insider Buying and Selling

In other news, Director Anna U. Loengard acquired 26,500 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was purchased at an average price of $2.59 per share, for a total transaction of $68,635.00. Following the completion of the acquisition, the director directly owned 29,610 shares in the company, valued at $76,689.90. The trade was a 852.09% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Conrad Wai sold 91,197 shares of Clover Health Investments stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $3.32, for a total value of $302,774.04. Following the transaction, the chief executive officer directly owned 1,403,701 shares in the company, valued at approximately $4,660,287.32. The trade was a 6.10% decrease in their position. The disclosure for this sale can be found here. Insiders own 24.07% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers boosted 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 purchasing an additional 3,160 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in Clover Health Investments by 21.7% in the 2nd quarter. Janney Montgomery Scott LLC now owns 24,860 shares of the company's stock worth $69,000 after acquiring an additional 4,426 shares during the last quarter. ADAR1 Capital Management LLC increased its stake in Clover Health Investments by 21.5% in the 1st quarter. ADAR1 Capital Management LLC now owns 28,300 shares of the company's stock worth $102,000 after acquiring an additional 5,000 shares during the last quarter. Palacios Wealth Management LLC increased its position in shares of Clover Health Investments by 21.6% during the 2nd quarter. Palacios Wealth Management LLC now owns 50,624 shares of the company's stock valued at $141,000 after purchasing an additional 9,000 shares during the last quarter. Finally, Deutsche Bank AG increased its position in shares of Clover Health Investments by 149.4% during the 1st quarter. Deutsche Bank AG now owns 16,307 shares of the company's stock valued at $59,000 after purchasing an additional 9,768 shares during 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.

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