Algert Global LLC Decreases Stock Position in Clover Health Investments, Corp. $CLOV

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 lowered its stake in Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 40.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Adams Wealth Management purchased a new stake in Clover Health Investments in the 1st quarter worth $89,000. American Century Companies Inc. lifted its stake in Clover Health Investments by 15.9% in the 1st 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 in the last quarter. Persistent Asset Partners Ltd purchased a new stake in Clover Health Investments in the 1st quarter worth $163,000. Virtu Financial LLC purchased a new stake in Clover Health Investments in the 1st quarter worth $534,000. Finally, Deutsche Bank AG lifted its stake in Clover Health Investments by 149.4% in the 1st quarter. Deutsche Bank AG now owns 16,307 shares of the company's stock worth $59,000 after purchasing an additional 9,768 shares in the last quarter. Hedge funds and other institutional investors own 19.77% of the company's stock.

Clover Health Investments Trading Up 4.6%

Shares of NASDAQ CLOV opened at $2.73 on Friday. The firm's 50-day moving average price is $2.81 and its 200-day moving average price is $3.34. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -34.13 and a beta of 1.91. Clover Health Investments, Corp. has a 12-month low of $2.12 and a 12-month high of $4.87.

Insider Activity

In other news, CEO Conrad Wai sold 91,197 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $3.32, for a total transaction of $302,774.04. Following 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 the SEC website. Also, Director Anna U. Loengard acquired 26,500 shares of Clover Health Investments stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average cost of $2.59 per share, for a total transaction of $68,635.00. Following the completion of the transaction, the director directly owned 29,610 shares in the company, valued at $76,689.90. This trade represents a 852.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. 24.07% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CLOV has been the topic of several research analyst reports. UBS Group decreased their price target 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 decreased 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 report on Thursday, August 7th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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