Clover Health Investments (NASDAQ:CLOV) Trading 5.5% Higher – Still a Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price traded up 5.5% during trading on Wednesday . The stock traded as high as $3.64 and last traded at $3.54. Approximately 1,656,177 shares were traded during trading, a decline of 74% from the average session volume of 6,332,093 shares. The stock had previously closed at $3.36.

Wall Street Analysts Forecast Growth

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

Clover Health Investments Price Performance

The firm has a 50-day simple moving average of $4.11 and a 200 day simple moving average of $3.62. The company has a market capitalization of $1.77 billion, a PE ratio of -17.30 and a beta of 2.00.

Insider Activity at Clover Health Investments

In other news, CEO Brady Patrick Priest sold 75,000 shares of the company’s stock in a transaction on 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 directly owns 2,418,151 shares in the company, valued at approximately $8,898,795.68. This represents a 3.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Karen Soares sold 52,500 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were 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 of the company’s stock, valued at approximately $4,938,719.40. The trade was a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 327,500 shares of company stock worth $1,197,500. 22.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Clover Health Investments

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. purchased a new stake in shares of Clover Health Investments during the fourth quarter worth about $135,000. Mackenzie Financial Corp grew its stake in Clover Health Investments by 211.3% during the 4th quarter. Mackenzie Financial Corp now owns 78,193 shares of the company’s stock valued at $246,000 after purchasing an additional 53,076 shares in the last quarter. Alpine Global Management LLC purchased a new stake in Clover Health Investments during the 4th quarter worth approximately $226,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Clover Health Investments by 90.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 830,457 shares of the company’s stock valued at $2,616,000 after purchasing an additional 394,881 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new position in shares of Clover Health Investments during the 4th quarter valued at approximately $78,000. 19.77% of the stock is owned by hedge funds and other 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.