Clover Health Investments (NASDAQ:CLOV) Trading 5.5% Higher – Here’s Why

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

Wall Street Analyst Weigh In

Several research firms have weighed in on CLOV. Craig Hallum assumed coverage on Clover Health Investments in a report on Tuesday, December 17th. They set a “buy” rating and a $6.00 target price on the stock. Canaccord Genuity Group upped their price objective on Clover Health Investments from $4.20 to $4.50 and gave the stock a “buy” rating in a research note on Monday, March 3rd.

Clover Health Investments Stock Up 9.1 %

The firm’s 50-day simple moving average is $4.09 and its 200 day simple moving average is $3.62. The firm has a market cap of $1.87 billion, a P/E ratio of -18.32 and a beta of 2.00.

Insider Buying and Selling

In other news, General Counsel Karen Soares sold 52,500 shares of the business’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 completion of the sale, the general counsel now 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carladenise Armbrister Edwards sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were 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 of the company’s stock, valued at approximately $986,349.47. The trade was a 42.26 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 327,500 shares of company stock valued at $1,197,500. Corporate insiders own 22.28% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Hedge funds and other institutional investors have recently modified their holdings of the business. Concurrent Investment Advisors LLC acquired a new position in shares of Clover Health Investments in the 3rd quarter valued at $28,000. Sigma Planning Corp acquired a new position in Clover Health Investments during the third quarter worth about $29,000. Parallax Volatility Advisers L.P. purchased a new stake in Clover Health Investments in the 3rd quarter worth about $38,000. Triumph Capital Management purchased a new stake in shares of Clover Health Investments in the fourth quarter worth approximately $45,000. Finally, KBC Group NV purchased a new stake in Clover Health Investments in the 3rd quarter worth approximately $53,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

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.