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

Clover Health Investments, Corp. (NASDAQ:CLOV) was up 5.5% during mid-day trading 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.

Analyst Ratings Changes

CLOV has been the subject of several research analyst reports. Canaccord Genuity Group increased their target price on shares of Clover Health Investments from $4.20 to $4.50 and gave the stock a “buy” rating in a research note on Monday, March 3rd. Craig Hallum assumed coverage on shares of Clover Health Investments in a research report on Tuesday, December 17th. They set a “buy” rating and a $6.00 price objective for the company.

Clover Health Investments Stock Performance

The stock has a fifty day simple moving average of $4.09 and a two-hundred day simple moving average of $3.62. The stock has a market cap of $1.87 billion, a PE ratio of -18.32 and a beta of 2.00.

Insider Buying and Selling

In other Clover Health Investments news, CEO Brady Patrick Priest sold 75,000 shares of Clover Health Investments stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $3.68, for a total transaction of $276,000.00. Following the transaction, the chief executive officer now directly owns 2,418,151 shares in the company, valued at approximately $8,898,795.68. The trade was a 3.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Carladenise Armbrister Edwards sold 200,000 shares of the company’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 transaction of $722,000.00. Following the completion of the transaction, the director now owns 273,227 shares in the company, valued at approximately $986,349.47. This represents a 42.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 327,500 shares of company stock valued at $1,197,500. Insiders own 22.28% of the company’s stock.

Institutional Inflows and Outflows

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