Clover Health Investments, Corp. (NASDAQ:CLOV) Sees Significant Decrease in Short Interest

Clover Health Investments, Corp. (NASDAQ:CLOV) saw a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 11,900,000 shares, a drop of 22.4% from the February 13th total of 15,330,000 shares. Based on an average daily volume of 5,890,000 shares, the short-interest ratio is presently 2.0 days. Currently, 3.1% of the company’s stock are short sold.

Insider Activity

In other news, Director Carladenise Armbrister Edwards sold 200,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $3.61, for a total value of $722,000.00. Following the completion of the transaction, the director now owns 273,227 shares in the company, valued at $986,349.47. This trade represents a 42.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Karen Soares sold 52,500 shares of the company’s 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 sale, the general counsel now owns 1,299,663 shares in the company, valued at $4,938,719.40. The trade was a 3.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,500 shares of company stock worth $1,197,500 over the last ninety days. Insiders own 22.28% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLOV. Graypoint LLC bought a new position in shares of Clover Health Investments in the fourth quarter valued at about $632,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Clover Health Investments in the 3rd quarter valued at about $1,228,000. Connor Clark & Lunn Investment Management Ltd. lifted its position 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 worth $3,181,000 after acquiring an additional 485,987 shares during the last quarter. JPMorgan Chase & Co. bought a new stake in shares of Clover Health Investments during the third quarter worth approximately $448,000. Finally, State Street Corp grew its position in shares of Clover Health Investments by 65.0% in 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 during the last quarter. 19.77% of the stock is owned by institutional investors.

Clover Health Investments Trading Down 1.3 %

Shares of NASDAQ CLOV opened at $3.61 on Monday. The company has a market capitalization of $1.84 billion, a P/E ratio of -18.02 and a beta of 2.00. Clover Health Investments has a 12 month low of $0.61 and a 12 month high of $4.87. The stock has a 50 day moving average of $4.12 and a 200-day moving average of $3.63.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CLOV shares. Canaccord Genuity Group boosted 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. Craig Hallum assumed coverage on shares of Clover Health Investments in a research note on Tuesday, December 17th. They set a “buy” rating and a $6.00 price objective on the 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.