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

Key Points

• Stock traders purchased a significant 26,274 call options for Clover Health Investments, marking an increase of 53% compared to its average daily volume.
• CEO Conrad Wai sold 91,197 shares of the stock, reducing his ownership by 6.10%, with the sale disclosed to the SEC.
• Clover Health's stock price fell 20.5% to $2.27, with a trading volume of 11.8 million shares, surpassing its average volume.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) saw unusually large options trading on Wednesday. Investors purchased 26,274 call options on the stock. Thisisanincreaseofapproximately53% compared to the average volume of 17,119 call options.

Insider Transactions at Clover Health Investments

In related news, CEO Conrad Wai sold 118,600 shares of Clover Health Investments 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 completion of the sale, the chief executive officer directly owned 1,494,898 shares in the company, valued at $4,918,214.42. The trade was a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 24.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Clover Health Investments

A number of hedge funds and other institutional investors have recently bought and sold shares of CLOV. Graham Capital Management L.P. purchased a new stake in shares of Clover Health Investments during the fourth quarter worth approximately $889,000. Marshall Wace LLP grew its stake in Clover Health Investments by 167.6% during the 4th quarter. Marshall Wace LLP now owns 3,769,765 shares of the company's stock worth $11,875,000 after buying an additional 2,360,902 shares during the last quarter. Barclays PLC boosted its holdings 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 acquiring an additional 355,926 shares during the period. JPMorgan Chase & Co. grew its position in shares of Clover Health Investments by 172.0% during the fourth quarter. JPMorgan Chase & Co. now owns 432,268 shares of the company's stock worth $1,362,000 after acquiring an additional 273,348 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Clover Health Investments by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 19,585,213 shares of the company's stock worth $61,693,000 after acquiring an additional 386,499 shares during the last quarter. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CLOV. UBS Group reduced their target price 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. Canaccord Genuity Group cut their price target on Clover Health Investments from $4.50 to $4.10 and set a "buy" rating on the stock in a research report on Thursday.

Clover Health Investments Stock Down 3.4%

Shares of Clover Health Investments stock traded down $0.08 on Friday, hitting $2.14. 1,959,401 shares of the company were exchanged, compared to its average volume of 7,332,611. The company has a 50-day moving average price of $2.92 and a 200 day moving average price of $3.50. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -26.81 and a beta of 1.91. Clover Health Investments has a 1-year low of $1.84 and a 1-year high of $4.87.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.12. The business had revenue of $462.33 million during the quarter, compared to analysts' expectations of $466.93 million. Clover Health Investments had a negative net margin of 2.68% and a negative return on equity of 12.24%. Research analysts forecast that Clover Health Investments will post -0.12 EPS for the current year.

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.