Clover Health Investments (NASDAQ:CLOV) Shares Down 11.1% – Time to Sell?

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

Analyst Upgrades and Downgrades

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

Clover Health Investments Price Performance

The firm has a market cap of $1.64 billion, a P/E ratio of -16.05 and a beta of 1.98. The company’s 50-day moving average is $4.02 and its two-hundred day moving average is $3.72.

Insider Buying and Selling

In related news, General Counsel Karen Soares sold 52,500 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $3.80, for a total transaction of $199,500.00. Following the completion of the sale, the general counsel now directly owns 1,299,663 shares in the company, valued at $4,938,719.40. This represents a 3.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Brady Patrick Priest sold 75,000 shares of Clover Health Investments stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $3.68, for a total value of $276,000.00. Following the completion of the transaction, the chief executive officer now owns 2,418,151 shares in the company, valued at approximately $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 90 days, insiders have sold 327,500 shares of company stock worth $1,197,500. Corporate insiders own 22.28% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLOV. Marshall Wace LLP increased its holdings in shares of Clover Health Investments by 167.6% during the fourth 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 in the last quarter. Millennium Management LLC grew its position in Clover Health Investments by 5,071.2% during the 4th quarter. Millennium Management LLC now owns 1,245,701 shares of the company’s stock worth $3,924,000 after acquiring an additional 1,221,612 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in Clover Health Investments in the 4th quarter worth about $2,769,000. Geode Capital Management LLC raised its position in Clover Health Investments by 21.9% in the third quarter. Geode Capital Management LLC now owns 4,828,701 shares of the company’s stock valued at $13,622,000 after purchasing an additional 868,501 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Clover Health Investments by 65.0% during the third quarter. State Street Corp now owns 2,189,380 shares of the company’s stock valued at $6,174,000 after purchasing an additional 862,621 shares in the last quarter. Institutional investors 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.