PNC Financial Services Group Inc. Sells 341,838 Shares of Clover Health Investments, Corp. (NASDAQ:CLOV)

PNC Financial Services Group Inc. trimmed its position in Clover Health Investments, Corp. (NASDAQ:CLOV) by 7.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,468,830 shares of the company’s stock after selling 341,838 shares during the quarter. PNC Financial Services Group Inc. owned 0.89% of Clover Health Investments worth $14,077,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Graypoint LLC bought a new position in shares of Clover Health Investments during the 4th quarter worth about $632,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Clover Health Investments during the third quarter worth about $1,228,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Clover Health Investments by 75.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company’s stock valued at $3,181,000 after purchasing an additional 485,987 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in shares of Clover Health Investments in the 3rd quarter valued at approximately $448,000. Finally, State Street Corp raised its holdings in shares of Clover Health Investments by 65.0% in the 3rd quarter. State Street Corp now owns 2,189,380 shares of the company’s stock worth $6,174,000 after buying an additional 862,621 shares in the last quarter. 19.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, General Counsel Karen Soares sold 52,500 shares of Clover Health Investments stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $3.80, for a total value of $199,500.00. Following the completion of the transaction, the general counsel now directly owns 1,299,663 shares of the company’s stock, valued at $4,938,719.40. The trade was a 3.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brady Patrick Priest sold 75,000 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $3.68, for a total transaction of $276,000.00. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders own 22.28% of the company’s stock.

Clover Health Investments Price Performance

Shares of CLOV opened at $3.39 on Tuesday. The company has a market capitalization of $1.73 billion, a P/E ratio of -16.95 and a beta of 2.00. Clover Health Investments, Corp. has a one year low of $0.61 and a one year high of $4.87. The business’s 50 day simple moving average is $4.09 and its 200-day simple moving average is $3.62.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CLOV. 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 target on the stock. Canaccord Genuity Group upped their target price on shares of 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 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.