Clover Health Investments (NASDAQ:CLOV) Sees Large Volume Increase – What’s Next?

Clover Health Investments, Corp. (NASDAQ:CLOV) saw unusually-strong trading volume on Thursday . Approximately 4,101,027 shares traded hands during mid-day trading, a decline of 37% from the previous session’s volume of 6,539,188 shares.The stock last traded at $4.9750 and had previously closed at $4.89.

Analyst Ratings Changes

A number of equities analysts have weighed in on CLOV shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. Leerink Partners reduced their price target on shares of Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a research report on Thursday, March 5th. UBS Group upped their price target on shares of Clover Health Investments from $2.75 to $4.75 and gave the company a “neutral” rating in a research report on Thursday. Canaccord Genuity Group upped their price target on shares of Clover Health Investments from $3.20 to $4.20 and gave the company a “buy” rating in a research report on Thursday, June 4th. Finally, Wall Street Zen raised shares of Clover Health Investments from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $3.82.

Clover Health Investments Stock Performance

The stock has a market cap of $2.49 billion, a PE ratio of -39.41 and a beta of 2.54. The company’s 50-day moving average price is $3.05 and its 200 day moving average price is $2.55.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). The business had revenue of $749.19 million for the quarter, compared to analysts’ expectations of $714.89 million. Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%.

Insider Activity at Clover Health Investments

In related news, CEO Brady Patrick Priest sold 98,039 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total transaction of $345,097.28. Following the completion of the transaction, the chief executive officer directly owned 2,040,222 shares in the company, valued at approximately $7,181,581.44. The trade was a 4.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Carladenise Armbrister Edwards sold 67,160 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $3.42, for a total value of $229,687.20. Following the transaction, the director owned 285,432 shares of the company’s stock, valued at approximately $976,177.44. This trade represents a 19.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 385,625 shares of company stock worth $1,454,284. 23.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Divisadero Street Capital Management LP bought a new position in shares of Clover Health Investments during the 3rd quarter valued at approximately $8,470,000. Principal Financial Group Inc. grew its stake in shares of Clover Health Investments by 1,590.3% during the 3rd quarter. Principal Financial Group Inc. now owns 485,433 shares of the company’s stock valued at $1,485,000 after acquiring an additional 456,715 shares during the period. Vanguard Group Inc. boosted its stake in Clover Health Investments by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company’s stock worth $55,192,000 after purchasing an additional 425,904 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Clover Health Investments in the 1st quarter worth approximately $45,000. Finally, Kestra Private Wealth Services LLC boosted its stake in Clover Health Investments by 44.1% in the 1st quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company’s stock worth $43,000 after purchasing an additional 7,500 shares during the period. 19.77% of the stock is currently owned by institutional investors.

About Clover Health Investments

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.