Clover Health Investments, Corp. $CLOV Position Lowered by Algert Global LLC

Key Points

• Algert Global LLC reduced its stake in Clover Health Investments by 40.4%, resulting in ownership of 255,423 shares worth approximately $917,000.
• Despite the reduction by Algert Global, other institutional investors, including Adams Wealth Management and Deutsche Bank AG, have increased their stakes in Clover Health during the same period.
• Analysts have lowered the price target for CLOV shares, with UBS Group rating it as "neutral" with a target of $3.00 and Canaccord Genuity maintaining a "buy" rating with a target of $4.10.

Algert Global LLC lessened its holdings in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 40.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 255,423 shares of the company's stock after selling 173,358 shares during the quarter. Algert Global LLC's holdings in Clover Health Investments were worth $917,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CLOV. JPMorgan Chase & Co. increased its holdings in shares of Clover Health Investments by 172.0% during the 4th quarter. JPMorgan Chase & Co. now owns 432,268 shares of the company's stock worth $1,362,000 after buying an additional 273,348 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Clover Health Investments by 24.7% during the 4th quarter. Legal & General Group Plc now owns 345,086 shares of the company's stock worth $1,087,000 after buying an additional 68,256 shares during the last quarter. Barclays PLC increased its holdings in shares of Clover Health Investments by 336.5% during the 4th quarter. Barclays PLC now owns 461,692 shares of the company's stock worth $1,454,000 after buying an additional 355,926 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Clover Health Investments during the 4th quarter worth $143,000. Finally, NewEdge Advisors LLC increased its holdings in shares of Clover Health Investments by 2,248.1% during the 4th quarter. NewEdge Advisors LLC now owns 44,591 shares of the company's stock worth $140,000 after buying an additional 42,692 shares during the last quarter. Hedge funds and other institutional investors own 19.77% of the company's stock.

Clover Health Investments Stock Down 0.4%

Shares of Clover Health Investments stock traded down $0.01 during trading hours on Friday, hitting $2.62. 2,863,044 shares of the company's stock traded hands, compared to its average volume of 8,216,543. The stock has a 50 day simple moving average of $2.78 and a 200-day simple moving average of $3.29. The company has a market cap of $1.34 billion, a PE ratio of -32.75 and a beta of 1.91. Clover Health Investments, Corp. has a twelve month low of $2.12 and a twelve month high of $4.87.

Insider Activity

In other Clover Health Investments news, Director Anna U. Loengard bought 26,500 shares of the stock in a transaction dated Wednesday, August 13th. The stock was bought 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 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Conrad Wai sold 91,197 shares of the stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $3.32, for a total transaction of $302,774.04. Following the transaction, the chief executive officer directly owned 1,403,701 shares in the company, valued at $4,660,287.32. The trade was a 6.10% decrease in their position. The disclosure for this sale can be found here. 24.07% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. UBS Group dropped 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 dropped their price objective 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 stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $4.37.

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.