Clover Health Investments (NASDAQ:CLOV) Stock Price Up 8.7% - Here's What Happened

Key Points

• Clover Health Investments (NASDAQ:CLOV) saw a stock price increase of 8.7%, trading as high as $3.20, during mid-day trading, compared to its previous close of $2.92.
• Analysts have mixed perspectives on the stock, with **Canaccord Genuity** lowering its price target to $4.10 while UBS and Leerink Partners set targets of $3.00, resulting in an average rating of "Hold" and a consensus target of $4.03.
• Insider trading activity includes CEO Conrad Wai selling 91,197 shares, reducing his holding by 6.10%, while Director Anna U. Loengard significantly increased her position by acquiring 26,500 shares.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) rose 8.7% during mid-day trading on Tuesday . The stock traded as high as $3.20 and last traded at $3.18. Approximately 4,498,724 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 7,444,108 shares. The stock had previously closed at $2.92.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group lowered their price target on shares of 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. UBS Group lowered their price target on shares of Clover Health Investments from $4.50 to $3.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Leerink Partners set a $3.00 price target on shares of Clover Health Investments and gave the stock a "market perform" rating in a research report on Tuesday. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Clover Health Investments in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $4.03.

Clover Health Investments Stock Performance

The business's 50 day moving average price is $2.80 and its 200-day moving average price is $3.02. The firm has a market capitalization of $1.71 billion, a PE ratio of -41.94 and a beta of 2.10.

Insider Buying and Selling

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

Institutional Investors Weigh In On Clover Health Investments

Several large investors have recently added to or reduced their stakes in the business. Caxton Associates LLP acquired a new position in Clover Health Investments during the 1st quarter worth approximately $1,599,000. GMT Capital Corp acquired a new position in Clover Health Investments during the 1st quarter worth approximately $4,686,000. OMERS ADMINISTRATION Corp grew its holdings in Clover Health Investments by 87.5% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 209,200 shares of the company's stock worth $751,000 after acquiring an additional 97,600 shares in the last quarter. Vanguard Group Inc. grew its holdings in Clover Health Investments by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 20,580,117 shares of the company's stock worth $73,883,000 after acquiring an additional 994,904 shares in the last quarter. Finally, Perigon Wealth Management LLC acquired a new position in Clover Health Investments during the 1st quarter worth approximately $36,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

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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