UBS Group Has Lowered Expectations for Clover Health Investments (NASDAQ:CLOV) Stock Price

Key Points

• UBS Group has significantly lowered its price target for Clover Health Investments from $4.50 to $3.00, maintaining a "neutral" rating on the stock.
• Clover Health's shares have faced a 22.6% drop in trading, currently sitting at $2.21, while their 52-week range is between $1.64 and $4.87.
• Insider activity includes CEO Conrad Wai selling 118,600 shares, which represents a 7.35% decrease in his ownership stake in the company.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) had its price objective lowered by equities research analysts at UBS Group from $4.50 to $3.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. UBS Group's price target suggests a potential upside of 37.61% from the stock's current price.

Clover Health Investments Trading Down 1.4%

Shares of Clover Health Investments stock traded down $0.03 during mid-day trading on Wednesday, reaching $2.18. 11,154,807 shares of the stock were exchanged, compared to its average volume of 10,004,361. The firm has a 50-day simple moving average of $2.90 and a 200 day simple moving average of $3.48. Clover Health Investments has a fifty-two week low of $1.84 and a fifty-two week high of $4.87.

Insiders Place Their Bets

In other Clover Health Investments news, CEO Conrad Wai sold 91,197 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $3.32, for a total value of $302,774.04. Following the completion of the sale, the chief executive officer owned 1,403,701 shares in the company, valued at approximately $4,660,287.32. This trade represents a 6.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 24.07% of the company's stock.

Institutional Investors Weigh In On Clover Health Investments

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLOV. Vanguard Group Inc. increased its position in Clover Health Investments by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 19,585,213 shares of the company's stock valued at $61,693,000 after acquiring an additional 386,499 shares in the last quarter. JPMorgan Chase & Co. increased its position in Clover Health Investments by 172.0% in the 4th quarter. JPMorgan Chase & Co. now owns 432,268 shares of the company's stock valued at $1,362,000 after acquiring an additional 273,348 shares in the last quarter. Geode Capital Management LLC increased its position in Clover Health Investments by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 4,882,461 shares of the company's stock valued at $15,387,000 after acquiring an additional 53,760 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in Clover Health Investments in the 4th quarter valued at about $646,000. Finally, Legal & General Group Plc grew its position in shares of Clover Health Investments by 24.7% during the 4th quarter. Legal & General Group Plc now owns 345,086 shares of the company's stock worth $1,087,000 after buying an additional 68,256 shares during the period. Institutional investors and hedge funds own 19.77% of the company's stock.

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.