Clover Health Investments (NASDAQ:CLOV) Trading Up 7.1% - Should You Buy?

Key Points

• Clover Health Investments stock rose by 7.1% to close at $2.81, though trading volume decreased significantly to 2.7 million shares.
• Analysts have mixed ratings on the stock, with a consensus rating of Hold and an average target price of $4.37, while Canaccord Genuity and UBS recently lowered their price targets.
• Insider activity includes CEO Conrad Wai selling over 91,000 shares and Director Anna U. Loengard increasing her stake by 852% by purchasing 26,500 shares.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s stock price traded up 7.1% on Tuesday . The stock traded as high as $2.75 and last traded at $2.81. 2,727,738 shares were traded during trading, a decline of 63% from the average session volume of 7,322,587 shares. The stock had previously closed at $2.62.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CLOV. Canaccord Genuity Group cut their price objective 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. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Clover Health Investments in a research note on Saturday, September 27th. Finally, UBS Group reduced their price objective 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. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Clover Health Investments has a consensus rating of "Hold" and an average target price of $4.37.

Clover Health Investments Price Performance

The stock's fifty day moving average price is $2.78 and its 200 day moving average price is $3.09. The stock has a market capitalization of $1.40 billion, a P/E ratio of -34.19 and a beta of 2.10.

Insiders Place Their Bets

In other Clover Health Investments news, CEO Conrad Wai sold 91,197 shares of the company's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $3.32, for a total value of $302,774.04. Following the completion of the sale, the chief executive officer directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anna U. Loengard purchased 26,500 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average price of $2.59 per share, for a total transaction of $68,635.00. Following the purchase, the director owned 29,610 shares of the company's stock, valued at approximately $76,689.90. This trade represents a 852.09% increase in their position. The disclosure for this purchase can be found here. Insiders own 24.07% of the company's stock.

Hedge Funds Weigh In On Clover Health Investments

A number of hedge funds and other institutional investors have recently modified their holdings of CLOV. Rhumbline Advisers increased its holdings in Clover Health Investments by 80.5% during the first quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock valued at $25,000 after buying an additional 3,160 shares during the period. Fifth Third Bancorp acquired a new position in Clover Health Investments during the 2nd quarter valued at about $28,000. Clarity Wealth Advisors LLC purchased a new stake in Clover Health Investments in the second quarter valued at about $28,000. Alteri Wealth LLC acquired a new stake in Clover Health Investments in the second quarter worth about $30,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Clover Health Investments during the second quarter valued at about $31,000. 19.77% of the stock is currently owned by 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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