Clover Health Investments (NASDAQ:CLOV) Stock Price Down 6.7% – What’s Next?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price dropped 6.7% during trading on Friday . The stock traded as low as $3.48 and last traded at $3.50. Approximately 4,687,963 shares traded hands during trading, a decline of 31% from the average daily volume of 6,790,507 shares. The stock had previously closed at $3.75.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group upped their price objective on shares of Clover Health Investments from $4.20 to $4.50 and gave the stock a “buy” rating in a research report on Monday, March 3rd.

Clover Health Investments Trading Down 6.4 %

The stock has a 50 day simple moving average of $3.57 and a 200-day simple moving average of $3.71. The firm has a market capitalization of $1.79 billion, a P/E ratio of -17.55 and a beta of 1.99.

Clover Health Investments (NASDAQ:CLOV) last released its earnings results on Tuesday, May 6th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.12. The firm had revenue of $462.33 million for the quarter, compared to the consensus estimate of $466.93 million. Clover Health Investments had a negative net margin of 5.92% and a negative return on equity of 25.46%. As a group, sell-side analysts expect that Clover Health Investments, Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Activity at Clover Health Investments

In other Clover Health Investments news, Director Carladenise Armbrister Edwards sold 200,000 shares of the business’s stock in a transaction that occurred on 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 directly owns 273,227 shares of the company’s stock, valued at approximately $986,349.47. The trade was a 42.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Karen Soares sold 52,500 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were 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. This trade represents a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,500 shares of company stock worth $1,197,500 in the last quarter. 22.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its position in shares of Clover Health Investments by 167.6% during the fourth quarter. Marshall Wace LLP now owns 3,769,765 shares of the company’s stock worth $11,875,000 after buying an additional 2,360,902 shares during the period. Millennium Management LLC increased its position in Clover Health Investments by 5,071.2% in the 4th quarter. Millennium Management LLC now owns 1,245,701 shares of the company’s stock valued at $3,924,000 after acquiring an additional 1,221,612 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Clover Health Investments by 5.1% during the first quarter. Vanguard Group Inc. now owns 20,580,117 shares of the company’s stock worth $73,883,000 after purchasing an additional 994,904 shares during the period. Teacher Retirement System of Texas acquired a new position in shares of Clover Health Investments during the fourth quarter worth about $2,769,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of Clover Health Investments in the fourth quarter valued at approximately $1,860,000. Hedge funds and other institutional investors own 19.77% of the company’s 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.