Clover Health Investments (NASDAQ:CLOV) Trading Down 9.2% – Here’s What Happened

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) were down 9.2% on Monday . The stock traded as low as $3.26 and last traded at $3.27. Approximately 3,494,390 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 6,792,397 shares. The stock had previously closed at $3.60.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group increased their price target on Clover Health Investments from $4.20 to $4.50 and gave the stock a “buy” rating in a report on Monday, March 3rd.

Clover Health Investments Price Performance

The stock has a 50 day moving average of $3.81 and a two-hundred day moving average of $3.76. The stock has a market capitalization of $1.70 billion, a PE ratio of -16.60 and a beta of 1.98.

Insider Activity at Clover Health Investments

In other Clover Health Investments news, General Counsel Karen Soares sold 52,500 shares of the business’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 sale, the general counsel now directly owns 1,299,663 shares in the company, valued at approximately $4,938,719.40. The trade was a 3.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brady Patrick Priest sold 75,000 shares of Clover Health Investments stock in a transaction 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 transaction, the chief executive officer now directly owns 2,418,151 shares of the company’s stock, valued at $8,898,795.68. This trade represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,500 shares of company stock worth $1,197,500 over the last 90 days. Company insiders own 22.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Graypoint LLC purchased a new stake in Clover Health Investments during the 4th quarter worth $632,000. JPMorgan Chase & Co. acquired a new stake in shares of Clover Health Investments in the third quarter valued at about $448,000. State Street Corp raised its holdings in shares of Clover Health Investments by 65.0% during the 3rd quarter. State Street Corp now owns 2,189,380 shares of the company’s stock valued at $6,174,000 after buying an additional 862,621 shares during the period. Geode Capital Management LLC boosted its holdings in Clover Health Investments by 21.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,828,701 shares of the company’s stock worth $13,622,000 after acquiring an additional 868,501 shares during the period. Finally, Barclays PLC acquired a new stake in Clover Health Investments in the third quarter valued at approximately $298,000. 19.77% of the stock is owned by institutional investors and hedge funds.

About Clover Health Investments

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.