Vanguard Group Inc. Raises Stock Position 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. lifted its position in Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 5.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,580,117 shares of the company's stock after acquiring an additional 994,904 shares during the quarter. Vanguard Group Inc. owned 4.03% of Clover Health Investments worth $73,883,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Rhumbline Advisers lifted its holdings in shares of Clover Health Investments by 80.5% in the 1st quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock worth $25,000 after acquiring an additional 3,160 shares during the last quarter. Perigon Wealth Management LLC bought a new stake in shares of Clover Health Investments in the 1st quarter worth about $36,000. Triumph Capital Management bought a new stake in shares of Clover Health Investments in the 4th quarter worth about $45,000. Parallax Volatility Advisers L.P. lifted its holdings in shares of Clover Health Investments by 47.7% in the 4th quarter. Parallax Volatility Advisers L.P. now owns 19,855 shares of the company's stock worth $63,000 after acquiring an additional 6,408 shares during the last quarter. Finally, Wedbush Securities Inc. lifted its holdings in Clover Health Investments by 110.0% during the 1st quarter. Wedbush Securities Inc. now owns 21,000 shares of the company's stock valued at $75,000 after buying an additional 11,000 shares in the last quarter. Institutional investors own 19.77% of the company's stock.

Clover Health Investments Price Performance

Shares of NASDAQ:CLOV traded down $0.05 during trading hours on Thursday, hitting $2.65. The company's stock had a trading volume of 1,640,412 shares, compared to its average volume of 7,258,657. Clover Health Investments, Corp. has a 52 week low of $2.12 and a 52 week high of $4.87. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of -33.06 and a beta of 1.91. The firm's fifty day moving average price is $2.80 and its 200 day moving average price is $3.31.

Insider Activity

In other Clover Health Investments news, Director Anna U. Loengard purchased 26,500 shares of Clover Health Investments stock in a transaction dated Wednesday, August 13th. The stock was acquired at an average price of $2.59 per share, for a total transaction of $68,635.00. Following the acquisition, the director owned 29,610 shares in the company, valued at $76,689.90. This trade represents a 852.09% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Conrad Wai sold 91,197 shares of Clover Health Investments stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $3.32, for a total transaction of $302,774.04. Following the completion of the transaction, the chief executive officer directly owned 1,403,701 shares in the company, valued at approximately $4,660,287.32. The trade was a 6.10% decrease in their position. The disclosure for this sale can be found here. Insiders own 24.07% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on CLOV. Canaccord Genuity Group decreased 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 report on Thursday, August 7th. UBS Group decreased 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 report on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus 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.