Clover Health Investments (NASDAQ:CLOV) Shares Gap Down – Time to Sell?

Clover Health Investments, Corp. (NASDAQ:CLOV) gapped down before the market opened on Tuesday . The stock had previously closed at $3.64, but opened at $3.46. Clover Health Investments shares last traded at $3.52, with a volume of 1,725,372 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CLOV shares. Craig Hallum initiated coverage on Clover Health Investments in a research note on Tuesday, December 17th. They issued a “buy” rating and a $6.00 target price on the stock. Canaccord Genuity Group raised their price objective on Clover Health Investments from $4.20 to $4.50 and gave the company a “buy” rating in a report on Monday.

Clover Health Investments Price Performance

The firm’s 50 day simple moving average is $4.05 and its two-hundred day simple moving average is $3.60. The firm has a market capitalization of $1.91 billion, a P/E ratio of -19.22 and a beta of 1.99.

Institutional Investors Weigh In On Clover Health Investments

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Graypoint LLC bought a new stake in Clover Health Investments in the fourth quarter valued at $632,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Clover Health Investments in the 3rd quarter valued at approximately $1,228,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of 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 during the 3rd quarter valued at $448,000. Finally, State Street Corp grew its position 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 during the period. Institutional investors own 19.77% of the company’s stock.

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.