Clover Health Investments (NASDAQ:CLOV) Stock Price Down 11.1% – Here’s Why

Clover Health Investments, Corp. (NASDAQ:CLOV) traded down 11.1% during mid-day trading on Monday . The stock traded as low as $2.80 and last traded at $2.96. 2,637,586 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 6,773,574 shares. The stock had previously closed at $3.33.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Craig Hallum assumed coverage on shares of Clover Health Investments in a research note on Tuesday, December 17th. They set a “buy” rating and a $6.00 price target for the company. Canaccord Genuity Group raised their target price on Clover Health Investments from $4.20 to $4.50 and gave the stock a “buy” rating in a research report on Monday, March 3rd.

Clover Health Investments Price Performance

The company has a fifty day moving average of $4.02 and a 200 day moving average of $3.72. The firm has a market capitalization of $1.64 billion, a P/E ratio of -16.05 and a beta of 1.98.

Insider Activity

In other news, Director Carladenise Armbrister Edwards sold 200,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $3.61, for a total value of $722,000.00. Following the transaction, the director now directly owns 273,227 shares of the company’s stock, valued at $986,349.47. The trade was a 42.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brady Patrick Priest sold 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $3.68, for a total value of $276,000.00. Following the sale, the chief executive officer now directly owns 2,418,151 shares of the company’s stock, valued at $8,898,795.68. This represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 327,500 shares of company stock valued at $1,197,500. 22.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CLOV. Triumph Capital Management bought a new position in Clover Health Investments in the fourth quarter worth approximately $45,000. Parallax Volatility Advisers L.P. raised its position in shares of Clover Health Investments by 47.7% during the fourth quarter. Parallax Volatility Advisers L.P. now owns 19,855 shares of the company’s stock worth $63,000 after purchasing an additional 6,408 shares during the period. Steph & Co. lifted its holdings in shares of Clover Health Investments by 33.3% in the 4th quarter. Steph & Co. now owns 20,000 shares of the company’s stock worth $63,000 after purchasing an additional 5,000 shares in the last quarter. ADAR1 Capital Management LLC acquired a new stake in Clover Health Investments in the 4th quarter valued at $73,000. Finally, Two Sigma Advisers LP bought a new stake in Clover Health Investments during the 4th quarter valued at $78,000. 19.77% of the stock is owned by institutional investors.

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.