Millennium Management LLC Has $20.84 Million Stock Holdings in Clover Health Investments, Corp. $CLOV

Key Points

• Millennium Management LLC increased its stake in Clover Health Investments by 365.9%, owning 5,804,006 shares worth approximately $20.84 million by the end of the first quarter.
• Analysts have mixed views on Clover Health, with Canaccord Genuity reducing its target price from $4.50 to $4.10 while UBS cut its target from $4.50 to $3.00, leading to an overall "Moderate Buy" consensus.
• Clover Health's stock is currently trading at $3.06, with a market capitalization of $1.57 billion, and it has experienced a 1-year price range of $2.12 to $4.87.

Millennium Management LLC raised its holdings in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 365.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,804,006 shares of the company's stock after purchasing an additional 4,558,305 shares during the quarter. Millennium Management LLC owned 1.14% of Clover Health Investments worth $20,836,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. GMT Capital Corp acquired a new position in shares of Clover Health Investments in the 1st quarter worth approximately $4,686,000. Vanguard Group Inc. grew its position in shares of Clover Health Investments by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 20,580,117 shares of the company's stock worth $73,883,000 after acquiring an additional 994,904 shares in the last quarter. 8 Knots Management LLC acquired a new position in shares of Clover Health Investments in the 1st quarter worth approximately $2,936,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Clover Health Investments by 90.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 830,457 shares of the company's stock worth $2,616,000 after acquiring an additional 394,881 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Clover Health Investments by 704.2% in the 1st quarter. Victory Capital Management Inc. now owns 375,336 shares of the company's stock worth $1,347,000 after acquiring an additional 328,665 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company's stock.

Insiders Place Their Bets

In related news, Director Anna U. Loengard purchased 26,500 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was bought 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 in the company, valued at $76,689.90. The trade was a 852.09% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Conrad Wai sold 118,600 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $3.29, for a total value of $390,194.00. Following the sale, the chief executive officer owned 1,494,898 shares of the company's stock, valued at approximately $4,918,214.42. This trade represents a 7.35% decrease in their position. The disclosure for this sale can be found here. Insiders own 24.07% of the company's stock.

Clover Health Investments Price Performance

Shares of CLOV remained flat at $3.07 during midday trading on Thursday. The stock had a trading volume of 3,797,814 shares, compared to its average volume of 4,482,080. Clover Health Investments, Corp. has a 12 month low of $2.12 and a 12 month high of $4.87. The firm has a 50 day moving average of $2.81 and a 200 day moving average of $3.15. The firm has a market cap of $1.57 billion, a P/E ratio of -38.38 and a beta of 1.96.

Wall Street Analyst Weigh In

CLOV has been the subject of several research reports. Canaccord Genuity Group decreased their target price on Clover Health Investments from $4.50 to $4.10 and set a "buy" rating for the company in a research report on Thursday, August 7th. UBS Group decreased their target price on Clover Health Investments from $4.50 to $3.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $4.37.

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.