Millennium Management LLC Buys 1,221,612 Shares of Clover Health Investments, Corp. (NASDAQ:CLOV)

Millennium Management LLC lifted its holdings in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 5,071.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,245,701 shares of the company's stock after purchasing an additional 1,221,612 shares during the period. Millennium Management LLC owned 0.25% of Clover Health Investments worth $3,924,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CLOV. Vanguard Group Inc. grew its holdings in Clover Health Investments by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 19,585,213 shares of the company's stock worth $61,693,000 after purchasing an additional 386,499 shares during the period. Geode Capital Management LLC grew its stake in shares of Clover Health Investments by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 4,882,461 shares of the company's stock valued at $15,387,000 after buying an additional 53,760 shares during the period. Marshall Wace LLP grew its stake in shares of Clover Health Investments by 167.6% in the 4th quarter. Marshall Wace LLP now owns 3,769,765 shares of the company's stock valued at $11,875,000 after buying an additional 2,360,902 shares during the period. Northern Trust Corp increased its position in Clover Health Investments by 16.0% in the 4th quarter. Northern Trust Corp now owns 1,085,626 shares of the company's stock valued at $3,420,000 after buying an additional 149,714 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in Clover Health Investments during the 4th quarter worth approximately $2,769,000. Institutional investors own 19.77% of the company's stock.

Clover Health Investments Price Performance

Shares of NASDAQ:CLOV traded down $0.07 during midday trading on Tuesday, hitting $3.10. 5,302,009 shares of the company's stock were exchanged, compared to its average volume of 6,664,187. Clover Health Investments, Corp. has a 12 month low of $0.90 and a 12 month high of $4.87. The company has a market cap of $1.58 billion, a PE ratio of -15.50 and a beta of 1.99. The stock has a 50 day moving average price of $3.45 and a 200-day moving average price of $3.66.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.12. Clover Health Investments had a negative return on equity of 25.46% and a negative net margin of 5.92%. The firm had revenue of $462.33 million during the quarter, compared to the consensus estimate of $466.93 million. On average, analysts anticipate that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group raised their price objective on Clover Health Investments from $4.20 to $4.50 and gave the company a "buy" rating in a research note on Monday, March 3rd.

Insiders Place Their Bets

In other news, Director Carladenise Armbrister Edwards sold 200,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $3.61, for a total value of $722,000.00. Following the completion of the transaction, the director now directly owns 273,227 shares of the company's stock, valued at $986,349.47. This represents a 42.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Karen Soares sold 52,500 shares of the business's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $3.80, for a total value of $199,500.00. Following the completion of the transaction, the general counsel now directly owns 1,299,663 shares in the company, valued at approximately $4,938,719.40. This represents a 3.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,500 shares of company stock valued at $1,197,500 in the last three months. 22.28% of the stock is currently owned by insiders.

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.