Clover Health Investments (NASDAQ:CLOV) Stock Price Up 9.5% - What's Next?

Key Points

• Clover Health Investments stock price increased by 9.5% to $3.29 following a trading day with approximately 2.6 million shares exchanged, marking a 63% decline from its average daily volume.
• Wall Street analysts have mixed ratings, with a consensus rating of "Moderate Buy" and an average price target of $4.37, despite recent cuts from UBS and Canaccord Genuity on their target prices.
• Insider trading activity showed significant movements, including Director Anna U. Loengard's purchase of 26,500 shares, increasing her ownership by over 852%, while CEO Conrad Wai sold 118,600 shares, reducing his holdings by 7.35%.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s share price rose 9.5% during mid-day trading on Tuesday . The company traded as high as $3.30 and last traded at $3.29. Approximately 2,605,546 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 7,047,122 shares. The stock had previously closed at $3.00.

Wall Street Analysts Forecast Growth

CLOV has been the topic of a number of research reports. UBS Group cut 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. Canaccord Genuity Group cut their target price on shares of 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. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $4.37.

Clover Health Investments Stock Performance

The company has a market capitalization of $1.67 billion, a PE ratio of -40.63 and a beta of 1.96. The business's 50-day moving average is $2.81 and its 200-day moving average is $3.13.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CLOV. Geode Capital Management LLC raised its holdings in shares of Clover Health Investments by 95.7% during the second quarter. Geode Capital Management LLC now owns 9,843,349 shares of the company's stock valued at $27,467,000 after purchasing an additional 4,812,368 shares during the last quarter. Millennium Management LLC grew its position 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 valued at $20,836,000 after buying an additional 4,558,305 shares during the period. Bank of America Corp DE grew 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 valued at $11,196,000 after buying an additional 2,748,783 shares during the period. First Trust Advisors LP bought a new position in shares of Clover Health Investments in the second quarter worth approximately $4,149,000. Finally, GMT Capital Corp bought a new position in shares of Clover Health Investments in the first quarter worth approximately $4,686,000. 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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