Clover Health Investments (NASDAQ:CLOV) Stock Price Down 6.4% - Time to Sell?

Key Points

• Clover Health Investments shares fell by 6.4% to $2.87, with trading volume down 79% from the average.
• Analysts have lowered their price targets, with Canaccord Genuity setting a target of $4.10, while UBS cut its target to $3.00, maintaining a "neutral" rating.
• Insider activity includes CEO Conrad Wai selling over 91,000 shares, while Director Anna U. Loengard notably increased her holding by 852% with a purchase of 26,500 shares.

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) fell 6.4% on Wednesday . The stock traded as low as $3.00 and last traded at $2.87. 1,497,744 shares were traded during trading, a decline of 79% from the average session volume of 6,990,050 shares. The stock had previously closed at $3.06.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Canaccord Genuity Group decreased their price target 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. UBS Group decreased their target price on shares of 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. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Clover Health Investments presently has an average rating of "Moderate Buy" and an average price target of $4.37.

Clover Health Investments Stock Down 12.9%

The company has a market cap of $1.37 billion, a P/E ratio of -33.31 and a beta of 1.96. The business has a fifty day moving average of $2.82 and a 200 day moving average of $3.12.

Insider Activity

In other Clover Health Investments news, CEO Conrad Wai sold 91,197 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $3.32, for a total transaction of $302,774.04. Following the transaction, the chief executive officer owned 1,403,701 shares in the company, valued at approximately $4,660,287.32. This represents a 6.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anna U. Loengard bought 26,500 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was purchased at an average cost of $2.59 per share, with a total value of $68,635.00. Following the transaction, the director directly owned 29,610 shares in the company, valued at approximately $76,689.90. This represents a 852.09% increase in their position. The disclosure for this purchase can be found here. Company insiders own 24.07% of the company's stock.

Hedge Funds Weigh In On Clover Health Investments

A number of institutional investors have recently added to or reduced their stakes in CLOV. Geode Capital Management LLC grew its position in shares of Clover Health Investments by 95.7% in the 2nd quarter. Geode Capital Management LLC now owns 9,843,349 shares of the company's stock worth $27,467,000 after buying an additional 4,812,368 shares during the period. Millennium Management LLC boosted its stake in Clover Health Investments by 365.9% during the first quarter. Millennium Management LLC now owns 5,804,006 shares of the company's stock worth $20,836,000 after acquiring an additional 4,558,305 shares in the last quarter. Bank of America Corp DE boosted its stake 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 acquiring an additional 2,748,783 shares in the last quarter. First Trust Advisors LP purchased a new stake in Clover Health Investments in the second quarter worth about $4,149,000. Finally, GMT Capital Corp purchased a new position in shares of Clover Health Investments during the first quarter valued at approximately $4,686,000. 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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