Invesco Ltd. Sells 214,061 Shares of Clover Health Investments, Corp. $CLOV

Key Points

• Invesco Ltd. reduced its stake in Clover Health Investments by 15.4%, leaving it with approximately 1.17 million shares valued at $4.21 million.
• Several institutional investors have modified their positions in Clover Health, with \Graham Capital Management entering a new position valued at $889,000 and \Barclays PLC increasing its holdings by 336.5%.
• Analysts have adjusted their target price for Clover Health, with UBS Group lowering it from $4.50 to $3.00, while maintaining a "neutral" rating on the stock.

Invesco Ltd. cut its position in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 15.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,174,205 shares of the company's stock after selling 214,061 shares during the period. Invesco Ltd. owned 0.23% of Clover Health Investments worth $4,215,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Barclays PLC raised its holdings in Clover Health Investments by 336.5% during the fourth quarter. Barclays PLC now owns 461,692 shares of the company's stock valued at $1,454,000 after buying an additional 355,926 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of Clover Health Investments by 2,248.1% in the fourth 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. Tower Research Capital LLC TRC lifted its stake in shares of Clover Health Investments by 2,867.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 46,086 shares of the company's stock worth $145,000 after buying an additional 44,533 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Clover Health Investments in the fourth quarter worth $102,000. Finally, Northern Trust Corp raised its stake in Clover Health Investments by 16.0% during the 4th quarter. Northern Trust Corp now owns 1,085,626 shares of the company's stock valued at $3,420,000 after purchasing an additional 149,714 shares during the last quarter. 19.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Clover Health Investments

In other Clover Health Investments 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Anna U. Loengard bought 26,500 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were acquired at an average price of $2.59 per share, for a total transaction of $68,635.00. Following the completion of the transaction, the director owned 29,610 shares in the company, valued at approximately $76,689.90. This trade represents a 852.09% increase in their position. The disclosure for this purchase can be found here. 24.07% of the stock is owned by corporate insiders.

Clover Health Investments Stock Performance

Shares of Clover Health Investments stock traded down $0.01 during trading on Friday, reaching $2.62. The company's stock had a trading volume of 2,863,044 shares, compared to its average volume of 7,989,494. The stock has a 50-day moving average price of $2.78 and a two-hundred day moving average price of $3.28. Clover Health Investments, Corp. has a one year low of $2.12 and a one year high of $4.87.

Wall Street Analyst Weigh In

CLOV has been the subject of a number of recent research reports. UBS Group dropped their price objective on shares of Clover Health Investments from $4.50 to $3.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Canaccord Genuity Group dropped their price objective on shares of Clover Health Investments from $4.50 to $4.10 and set a "buy" rating for the company in a research note on Thursday, August 7th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Clover Health Investments currently has a consensus rating of "Moderate Buy" and an average price target of $4.37.

About Clover Health Investments

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.