Tidal Investments LLC Takes $2.16 Million Position in Clover Health Investments, Corp. $CLOV

Key Points

• Tidal Investments acquired 411,409 Clover Health shares worth approximately $2.16 million, representing a 0.08% stake. Institutional investors collectively own 19.77% of the company.
• Clover Health reported quarterly revenue of $743.17 million and EPS of $0.05, exceeding analyst expectations of $728.27 million in revenue and $0.04 EPS.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $4.75; shares recently opened at $4.56. Insiders sold approximately $3.63 million worth of stock during the last quarter.

Tidal Investments LLC purchased a new stake in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 411,409 shares of the company's stock, valued at approximately $2,156,000. Tidal Investments LLC owned 0.08% of Clover Health Investments at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. RFG Advisory LLC bought a new stake in Clover Health Investments during the 1st quarter valued at approximately $35,000. Ketron Financial purchased a new position in shares of Clover Health Investments in the 4th quarter valued at approximately $39,000. Public Employees Retirement System of Ohio purchased a new position in shares of Clover Health Investments in the 2nd quarter valued at approximately $42,000. Kestra Private Wealth Services LLC boosted its position in shares of Clover Health Investments by 44.1% during the first quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company's stock valued at $43,000 after purchasing an additional 7,500 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Clover Health Investments during the first quarter valued at approximately $45,000. 19.77% of the stock is owned by institutional investors.

Clover Health Investments Trading Down 2.1%

Shares of NASDAQ:CLOV opened at $4.56 on Thursday. The stock has a fifty day simple moving average of $4.42 and a two-hundred day simple moving average of $3.60. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of -91.18 and a beta of 2.47. Clover Health Investments, Corp. has a 12-month low of $1.58 and a 12-month high of $5.59.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%.The firm had revenue of $743.17 million for the quarter, compared to analysts' expectations of $728.27 million. As a group, equities research analysts predict that Clover Health Investments, Corp. will post 0.06 EPS for the current year.

Insider Activity

In other Clover Health Investments news, insider Karen Soares sold 6,846 shares of Clover Health Investments stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $4.78, for a total value of $32,723.88. Following the completion of the transaction, the insider directly owned 1,607,371 shares of the company's stock, valued at approximately $7,683,233.38. The trade was a 0.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Joseph Frank Oldakowski sold 20,000 shares of the company's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $5.16, for a total transaction of $103,200.00. Following the completion of the transaction, the vice president owned 279,067 shares in the company, valued at approximately $1,439,985.72. This represents a 6.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 728,120 shares of company stock worth $3,627,877. 23.51% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on CLOV. UBS Group increased their price objective on Clover Health Investments from $4.75 to $5.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft began coverage on shares of Clover Health Investments in a report on Thursday, September 10th. They set a "buy" rating and a $6.00 target price on the stock. Canaccord Genuity Group increased their price target on shares of Clover Health Investments from $4.20 to $5.50 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Wall Street Zen cut shares of Clover Health Investments from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 16th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Clover Health Investments in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $4.75.

Clover Health Investments Company Profile

Clover Health Investments, Inc is a healthcare technology and insurance company focused on providing Medicare Advantage plans to eligible Medicare beneficiaries. Its insurance business offers medical coverage and related healthcare benefits through plans available in select counties across the United States.

The company also develops and uses Clover Assistant, a technology platform designed to support physicians with patient information, clinical insights, care recommendations and tools intended to help improve healthcare outcomes.

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