Clover Health Investments (NASDAQ:CLOV) Shares Gap Up - Here's Why

Key Points

• Clover Health Investments (NASDAQ:CLOV) shares gapped up from $2.18 to $2.34 before closing at $2.45, with over 2.8 million shares traded.
• Analysts have mixed forecasts; UBS downgraded their price target from $4.50 to $3.00, while Canaccord Genuity set a target of $4.10 with a "buy" rating.
• Insider activity included CEO Conrad Wai selling 118,600 shares at $3.29, reducing ownership by 7.35%, amidst growing interest from institutional investors.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $2.18, but opened at $2.34. Clover Health Investments shares last traded at $2.45, with a volume of 2,857,303 shares.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CLOV. UBS Group lowered their target price 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 target price on Clover Health Investments from $4.50 to $4.10 and set a "buy" rating on the stock in a research note on Thursday, August 7th.

Clover Health Investments Stock Up 3.1%

The business has a fifty day simple moving average of $2.84 and a 200-day simple moving average of $3.41. The firm has a market cap of $1.36 billion, a P/E ratio of -33.13 and a beta of 1.91.

Insider Activity

In related news, Director Anna U. Loengard acquired 26,500 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average price of $2.59 per share, with a total value of $68,635.00. Following the completion of the purchase, the director directly owned 29,610 shares of the company's stock, valued at $76,689.90. This represents a 852.09% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Conrad Wai sold 118,600 shares of Clover Health Investments stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $3.29, for a total value of $390,194.00. Following the completion of the sale, the chief executive officer directly owned 1,494,898 shares in the company, valued at approximately $4,918,214.42. The trade was a 7.35% decrease in their position. The disclosure for this sale can be found here. Company insiders own 24.07% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Man Group plc boosted its position in Clover Health Investments by 50.6% during the second quarter. Man Group plc now owns 43,475 shares of the company's stock worth $121,000 after purchasing an additional 14,602 shares in the last quarter. Bank of America Corp DE boosted its position in Clover Health Investments by 217.5% during the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company's stock worth $11,196,000 after purchasing an additional 2,748,783 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Clover Health Investments by 7.2% in the second quarter. California State Teachers Retirement System now owns 376,640 shares of the company's stock valued at $1,051,000 after acquiring an additional 25,194 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Clover Health Investments in the second quarter valued at approximately $88,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Clover Health Investments in the second quarter valued at approximately $1,097,000. 19.77% of the stock is owned by institutional investors and hedge funds.

Clover Health Investments Company Profile

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.