Charles Schwab Investment Management Inc. Has $9.37 Million Stock Position in Clover Health Investments, Corp. $CLOV

Key Points

• Charles Schwab Investment Management Inc. decreased its holdings in Clover Health Investments by 5.1% in the first quarter, owning 2,611,133 shares valued at approximately $9.37 million.
• Several hedge funds made significant moves in Clover Health Investments, with Millennium Management LLC increasing its stake by 5,071.2% and Barclays PLC boosting its position by 336.5% in the fourth quarter.
• Clover Health's stock has seen a recent price target reduction by UBS Group from $4.50 to $3.00, while analysts maintain a consensus rating of "Moderate Buy" with an average price target of $4.37.

Charles Schwab Investment Management Inc. lessened its holdings in Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 5.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,611,133 shares of the company's stock after selling 139,924 shares during the period. Charles Schwab Investment Management Inc. owned 0.51% of Clover Health Investments worth $9,374,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CLOV. Rhumbline Advisers raised 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 during the period. Perigon Wealth Management LLC bought a new position in Clover Health Investments during the 1st quarter worth $36,000. Triumph Capital Management bought a new position in Clover Health Investments during the 4th quarter worth $45,000. Parallax Volatility Advisers L.P. increased its position in Clover Health Investments by 47.7% during the 4th quarter. Parallax Volatility Advisers L.P. now owns 19,855 shares of the company's stock worth $63,000 after buying an additional 6,408 shares during the period. Finally, Wedbush Securities Inc. increased its position in Clover Health Investments by 110.0% during the 1st quarter. Wedbush Securities Inc. now owns 21,000 shares of the company's stock worth $75,000 after buying an additional 11,000 shares during the period. Institutional investors own 19.77% of the company's stock.

Wall Street Analyst Weigh In

CLOV has been the topic of several recent research reports. Canaccord Genuity Group lowered their price objective on 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. UBS Group lowered their price objective on 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 analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $4.37.

Insider Buying and Selling at Clover Health Investments

In other news, CEO Conrad Wai sold 91,197 shares of the stock in a transaction on Wednesday, July 23rd. The stock was 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 of the company's stock, valued at approximately $4,660,287.32. This represents a 6.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Anna U. Loengard bought 26,500 shares of Clover Health Investments stock in a transaction dated Wednesday, August 13th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $68,635.00. Following the completion of the acquisition, the director owned 29,610 shares in the company, valued at $76,689.90. This represents a 852.09% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 24.07% of the company's stock.

Clover Health Investments Stock Down 0.4%

Shares of CLOV traded down $0.01 during trading hours on Friday, hitting $2.62. 2,863,044 shares of the company were exchanged, compared to its average volume of 7,989,494. The company has a market cap of $1.34 billion, a price-to-earnings ratio of -32.75 and a beta of 1.96. Clover Health Investments, Corp. has a fifty-two week low of $2.12 and a fifty-two week high of $4.87. The firm's fifty day moving average is $2.78 and its 200 day moving average is $3.27.

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.