Traders Purchase High Volume of Call Options on Clover Health Investments (NASDAQ:CLOV)

Clover Health Investments, Corp. (NASDAQ:CLOV) saw unusually large options trading on Wednesday. Traders bought 49,034 call options on the company. This is an increase of approximately 84% compared to the average volume of 26,618 call options.

Clover Health Investments Price Performance

Shares of CLOV stock traded up $0.35 on Wednesday, reaching $3.63. 10,190,103 shares of the stock were exchanged, compared to its average volume of 6,014,415. The stock has a market cap of $1.90 billion, a PE ratio of -30.29 and a beta of 2.44. Clover Health Investments has a one year low of $1.58 and a one year high of $3.92. The stock has a 50 day moving average price of $2.15 and a 200 day moving average price of $2.40.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The company had revenue of $749.19 million during the quarter, compared to the consensus estimate of $714.89 million. Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%. On average, research analysts expect that Clover Health Investments will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Clover Health Investments news, CEO Brady Patrick Priest sold 175,000 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $2.17, for a total value of $379,750.00. Following the transaction, the chief executive officer owned 1,998,584 shares of the company’s stock, valued at approximately $4,336,927.28. The trade was a 8.05% 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 hyperlink. Corporate insiders own 23.51% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Several large investors have recently modified their holdings of CLOV. Divisadero Street Capital Management LP bought a new stake in shares of Clover Health Investments in the third quarter worth about $8,470,000. Bank of America Corp DE lifted its holdings in shares of Clover Health Investments by 217.5% in the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company’s stock valued at $11,196,000 after purchasing an additional 2,748,783 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Clover Health Investments by 69.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,634,325 shares of the company’s stock valued at $8,542,000 after purchasing an additional 1,494,043 shares in the last quarter. First Trust Advisors LP bought a new stake in shares of Clover Health Investments in the second quarter valued at about $4,149,000. Finally, UBS Group AG grew its holdings in shares of Clover Health Investments by 155.5% during the third quarter. UBS Group AG now owns 2,282,113 shares of the company’s stock worth $6,983,000 after buying an additional 1,388,761 shares in the last quarter. 19.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CLOV has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research note on Friday, March 27th. Leerink Partners reduced their price objective on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research note on Thursday, March 5th. Wall Street Zen raised Clover Health Investments from a “sell” rating to a “hold” rating in a research note on Sunday, February 15th. Finally, Canaccord Genuity Group reduced their price objective on Clover Health Investments from $3.70 to $3.20 and set a “buy” rating on the stock in a research note on Friday, March 20th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Clover Health Investments presently has an average rating of “Hold” and a consensus price target of $2.90.

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.