Clover Health Investments (NASDAQ:CLOV) Trading Down 9.2% - Here's What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) traded down 9.2% during mid-day trading on Monday . The company traded as low as $3.26 and last traded at $3.27. 3,494,390 shares changed hands during trading, a decline of 49% from the average session volume of 6,792,397 shares. The stock had previously closed at $3.60.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group increased their target price on shares of Clover Health Investments from $4.20 to $4.50 and gave the stock a "buy" rating in a report on Monday, March 3rd.

Clover Health Investments Price Performance

The company has a market cap of $1.75 billion, a price-to-earnings ratio of -17.15 and a beta of 1.98. The stock has a 50-day moving average price of $3.71 and a 200 day moving average price of $3.75.

Insiders Place Their Bets

In other news, General Counsel Karen Soares sold 52,500 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $3.80, for a total transaction of $199,500.00. Following the completion of the sale, the general counsel now owns 1,299,663 shares of the company's stock, valued at $4,938,719.40. This represents a 3.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carladenise Armbrister Edwards sold 200,000 shares of the firm's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $3.61, for a total transaction of $722,000.00. Following the sale, the director now owns 273,227 shares in the company, valued at approximately $986,349.47. The trade was a 42.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 327,500 shares of company stock worth $1,197,500. Company insiders own 22.28% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers lifted its stake in Clover Health Investments by 80.5% in the 1st quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock valued at $25,000 after acquiring an additional 3,160 shares in the last quarter. Perigon Wealth Management LLC acquired a new stake in shares of Clover Health Investments in the first quarter valued at approximately $36,000. Triumph Capital Management bought a new stake in shares of Clover Health Investments in the fourth quarter worth $45,000. Parallax Volatility Advisers L.P. boosted its holdings in Clover Health Investments by 47.7% during the fourth quarter. Parallax Volatility Advisers L.P. now owns 19,855 shares of the company's stock worth $63,000 after purchasing an additional 6,408 shares during the last quarter. Finally, Steph & Co. grew its position in Clover Health Investments by 33.3% in the fourth quarter. Steph & Co. now owns 20,000 shares of the company's stock valued at $63,000 after purchasing an additional 5,000 shares in the last quarter. 19.77% of the stock is owned by institutional investors and hedge funds.

About Clover Health Investments

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.