8 Knots Management LLC Invests $2.94 Million in Clover Health Investments, Corp. $CLOV

Key Points

• 8 Knots Management LLC has acquired 817,905 shares of Clover Health Investments, valued at approximately $2.94 million, making it the firm's 17th largest holding.
• Several institutional investors, including Rhumbline Advisers and Deutsche Bank AG, significantly increased their stakes in Clover Health during the first quarter of 2023.
• A recent analyst report has set an average price target of $4.37 for Clover Health, with ratings that include two "Buy" and one "Hold".

8 Knots Management LLC acquired a new position in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 817,905 shares of the company's stock, valued at approximately $2,936,000. Clover Health Investments comprises about 0.4% of 8 Knots Management LLC's investment portfolio, making the stock its 17th biggest position. 8 Knots Management LLC owned 0.16% of Clover Health Investments as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Clover Health Investments by 5.1% during the first quarter. Vanguard Group Inc. now owns 20,580,117 shares of the company's stock worth $73,883,000 after purchasing an additional 994,904 shares during the last quarter. GMT Capital Corp acquired a new position in Clover Health Investments during the first quarter worth $4,686,000. Millennium Management LLC raised its holdings in Clover Health Investments by 5,071.2% during the fourth quarter. Millennium Management LLC now owns 1,245,701 shares of the company's stock worth $3,924,000 after purchasing an additional 1,221,612 shares during the last quarter. Northern Trust Corp raised its holdings in Clover Health Investments by 16.0% during the fourth quarter. Northern Trust Corp now owns 1,085,626 shares of the company's stock worth $3,420,000 after purchasing an additional 149,714 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in Clover Health Investments by 15.9% during the first quarter. American Century Companies Inc. now owns 886,573 shares of the company's stock worth $3,183,000 after purchasing an additional 121,879 shares during the last quarter. 19.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CLOV shares. UBS Group reduced their price objective on Clover Health Investments from $4.50 to $3.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Canaccord Genuity Group cut their price target on Clover Health Investments from $4.50 to $4.10 and set a "buy" rating for the company in a report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $4.37.

Insiders Place Their Bets

In other news, CEO Conrad Wai sold 118,600 shares of Clover Health Investments stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $3.29, for a total value of $390,194.00. Following the completion of the sale, the chief executive officer owned 1,494,898 shares of the company's stock, valued at $4,918,214.42. The trade was a 7.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anna U. Loengard bought 26,500 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was acquired at an average price of $2.59 per share, with a total value of $68,635.00. Following the completion of the purchase, the director directly owned 29,610 shares of the company's stock, valued at approximately $76,689.90. The trade was 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.

Clover Health Investments Trading Up 2.2%

Shares of NASDAQ CLOV traded up $0.06 during trading on Friday, reaching $2.75. The company had a trading volume of 4,049,134 shares, compared to its average volume of 5,418,078. Clover Health Investments, Corp. has a twelve month low of $2.12 and a twelve month high of $4.87. The stock has a market capitalization of $1.41 billion, a PE ratio of -34.38 and a beta of 1.96. The stock has a 50-day moving average price of $2.77 and a two-hundred day moving average price of $3.23.

Clover Health Investments 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.