Vanguard Group Inc. Raises Stake in Clover Health Investments, Corp. $CLOV

Key Points

• Vanguard Group Inc. increased its stake in Clover Health Investments by 5.1%, now owning 20,580,117 shares worth $73.88 million, according to a recent SEC filing.
• Insider activity included a sale of 91,197 shares by CEO Conrad Wai and a purchase of 26,500 shares by Director Anna U. Loengard, indicating varying confidence levels among senior management.
• Brokerages have adjusted their price targets for Clover Health, with Canaccord Genuity lowering it from $4.50 to $4.10, while UBS dropped theirs from $4.50 to $3.00, reflecting is a cautious outlook on the stock.

Vanguard Group Inc. boosted its position in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 5.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,580,117 shares of the company's stock after purchasing an additional 994,904 shares during the quarter. Vanguard Group Inc. owned 4.03% of Clover Health Investments worth $73,883,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in shares of Clover Health Investments by 172.0% in the fourth quarter. JPMorgan Chase & Co. now owns 432,268 shares of the company's stock worth $1,362,000 after purchasing an additional 273,348 shares in the last quarter. Legal & General Group Plc raised its position in shares of Clover Health Investments by 24.7% in the fourth quarter. Legal & General Group Plc now owns 345,086 shares of the company's stock valued at $1,087,000 after purchasing an additional 68,256 shares during the period. Barclays PLC raised its position in shares of Clover Health Investments by 336.5% in the fourth quarter. Barclays PLC now owns 461,692 shares of the company's stock valued at $1,454,000 after purchasing an additional 355,926 shares during the period. XTX Topco Ltd acquired a new position in shares of Clover Health Investments in the fourth quarter valued at about $143,000. Finally, NewEdge Advisors LLC grew 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 valued at $140,000 after acquiring an additional 42,692 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company's stock.

Clover Health Investments Trading Down 0.4%

NASDAQ CLOV traded down $0.01 during mid-day trading on Friday, hitting $2.62. The company's stock had a trading volume of 2,863,044 shares, compared to its average volume of 8,216,543. The company's 50 day simple moving average is $2.78 and its 200 day simple moving average is $3.29. Clover Health Investments, Corp. has a twelve month low of $2.12 and a twelve month high of $4.87. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -32.75 and a beta of 1.91.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CLOV. Canaccord Genuity Group decreased their price target on shares of Clover Health Investments from $4.50 to $4.10 and set a "buy" rating on the stock in a research note on Thursday, August 7th. UBS Group reduced their price target on shares of Clover Health Investments from $4.50 to $3.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Two research 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 company has a consensus rating of "Moderate Buy" and a consensus price target of $4.37.

Insiders Place Their Bets

In related news, CEO Conrad Wai sold 118,600 shares of the business'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 directly owned 1,494,898 shares in the company, valued at approximately $4,918,214.42. The trade was a 7.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anna U. Loengard acquired 26,500 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average price of $2.59 per share, for a total transaction of $68,635.00. Following the completion of the purchase, the director directly owned 29,610 shares in the company, valued at $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 insiders.

Clover Health Investments Company 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.