Clover Health Investments Sees Unusually Large Options Volume (NASDAQ:CLOV)

Key Points

• CLOV call-options trading rose about 31% Monday, with 22,849 calls purchased versus a typical volume of 17,472.
• Analyst views are mixed: three rate the stock Buy, three Hold, and one Sell; the consensus rating is Hold with a $5.10 price target.
• Clover reported quarterly EPS of $0.01, beating the $0.01 loss analysts expected, and revenue of $759.3 million, above estimates of $740.1 million. Shares traded at $5.04 Monday.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) saw unusually large options trading on Monday. Stock investors purchased 22,849 call options on the company. This represents an increase of approximately 31% compared to the typical volume of 17,472 call options.

Wall Street Analysts Forecast Growth

CLOV has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Clover Health Investments in a research report on Thursday, September 10th. They set a "buy" rating and a $6.00 price objective on the stock. Canaccord Genuity Group boosted their target price on shares of Clover Health Investments from $4.20 to $5.50 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Zacks Research upgraded shares of Clover Health Investments to a "hold" rating in a research note on Monday, September 14th. UBS Group raised their price target on shares of Clover Health Investments from $5.00 to $5.50 and gave the stock a "neutral" rating in a research report on Thursday. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Clover Health Investments in a research note on Monday, September 21st. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $5.10.

Insider Transactions at Clover Health Investments

In other news, insider Karen Soares sold 19,275 shares of the company's stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $4.66, for a total value of $89,821.50. Following the transaction, the insider owned 1,573,423 shares of the company's stock, valued at approximately $7,332,151.18. This represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Joseph Frank Oldakowski sold 20,000 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $5.16, for a total value of $103,200.00. Following the transaction, the vice president owned 279,067 shares in the company, valued at approximately $1,439,985.72. This trade represents a 6.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 768,573 shares of company stock worth $3,462,479. Insiders own 23.51% of the company's stock.

Institutional Investors Weigh In On Clover Health Investments

Several institutional investors and hedge funds have recently modified their holdings of CLOV. Bank of New York Mellon Corp purchased a new position in shares of Clover Health Investments in the second quarter valued at $6,346,000. Tidal Investments LLC acquired a new stake in Clover Health Investments during the 2nd quarter valued at $2,156,000. WINTON GROUP Ltd acquired a new stake in Clover Health Investments during the 2nd quarter valued at $913,000. California State Teachers Retirement System grew its holdings in Clover Health Investments by 24.1% during the 1st quarter. California State Teachers Retirement System now owns 497,006 shares of the company's stock valued at $875,000 after purchasing an additional 96,458 shares in the last quarter. Finally, AXQ Capital LP increased its stake in Clover Health Investments by 602.6% during the 2nd quarter. AXQ Capital LP now owns 146,569 shares of the company's stock worth $768,000 after buying an additional 125,708 shares during the period. Hedge funds and other institutional investors own 19.77% of the company's stock.

Clover Health Investments Price Performance

NASDAQ CLOV traded up $0.21 during mid-day trading on Monday, hitting $5.04. The company's stock had a trading volume of 5,036,596 shares, compared to its average volume of 5,826,087. The firm has a market capitalization of $2.67 billion, a P/E ratio of 503.10 and a beta of 2.52. Clover Health Investments has a 52-week low of $1.58 and a 52-week high of $5.59. The stock's fifty day simple moving average is $4.54 and its two-hundred day simple moving average is $3.59.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.02. Clover Health Investments had a net margin of 0.45% and a return on equity of 4.83%. The company had revenue of $759.30 million during the quarter, compared to analyst estimates of $740.07 million. On average, equities analysts forecast that Clover Health Investments will post 0.06 earnings per share for the current fiscal year.

Clover Health Investments Company Profile

Clover Health Investments is a U.S. healthcare company focused on Medicare. Its insurance business offers Medicare Advantage plans to eligible beneficiaries in select markets, combining medical coverage with support intended to help members access care.

The company also developed the Clover Assistant, a technology platform that organizes patient information and provides clinicians with insights to support care decisions. Clover has described the platform as a way to help primary care providers identify health needs and coordinate care for people with complex conditions.

Founded in 2014, Clover Health became a publicly traded company in 2021 through a merger with a special purpose acquisition company.

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