Clover Health Investments (NASDAQ:CLOV) Shares Gap Up - What's Next?

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)'s share price gapped up prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CLOV shares. UBS Group cut their price objective on Clover Health Investments from $4.50 to $3.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Canaccord Genuity Group cut their target price on Clover Health Investments from $4.50 to $4.10 and set a "buy" rating on the stock in a research report on Thursday.

Clover Health Investments Stock Up 13.1%

The firm has a 50-day moving average of $2.90 and a two-hundred day moving average of $3.47. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -30.69 and a beta of 1.91.

Insider Buying and Selling

In other Clover Health Investments news, CEO Conrad Wai sold 118,600 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $3.29, for a total value of $390,194.00. Following the transaction, the chief executive officer owned 1,494,898 shares in the company, valued at $4,918,214.42. The trade was a 7.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 24.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers boosted its stake in shares of Clover Health Investments by 80.5% during the 1st quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock worth $25,000 after acquiring an additional 3,160 shares in the last quarter. Fifth Third Bancorp bought a new stake in shares of Clover Health Investments during the 2nd quarter worth about $28,000. Clarity Wealth Advisors LLC bought a new stake in shares of Clover Health Investments during the 2nd quarter worth about $28,000. Envestnet Asset Management Inc. bought a new stake in shares of Clover Health Investments during the 2nd quarter worth about $31,000. Finally, Perigon Wealth Management LLC bought a new stake in shares of Clover Health Investments during the 1st quarter worth about $36,000. Hedge funds and other institutional investors own 19.77% of the company's stock.

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.

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