Clover Health Investments (NASDAQ:CLOV) Stock Price Down 5.7% – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV) fell 5.7% during mid-day trading on Monday . The company traded as low as $4.29 and last traded at $4.3380. 1,485,480 shares traded hands during trading, a decline of 77% from the average daily volume of 6,414,258 shares. The stock had previously closed at $4.60.

Wall Street Analyst Weigh In

CLOV has been the subject of a number of recent research reports. Canaccord Genuity Group boosted their price objective on shares of Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Wall Street Zen downgraded Clover Health Investments from a “strong-buy” rating to a “buy” rating in a report on Sunday. UBS Group lifted their price target on Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a report on Thursday, August 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $4.33.

Clover Health Investments Stock Performance

The business’s fifty day moving average price is $4.72 and its two-hundred day moving average price is $3.27. The firm has a market capitalization of $2.25 billion, a P/E ratio of -84.58 and a beta of 2.48.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. The firm had revenue of $743.17 million during the quarter, compared to analyst estimates of $728.27 million.

Insider Transactions at Clover Health Investments

In other news, CEO Conrad Wai sold 220,426 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $3.99, for a total value of $879,499.74. Following the completion of the sale, the chief executive officer owned 1,390,056 shares of the company’s stock, valued at $5,546,323.44. This trade represents a 13.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Joseph Frank Oldakowski sold 12,102 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $4.86, for a total value of $58,815.72. Following the transaction, the vice president owned 299,067 shares in the company, valued at approximately $1,453,465.62. This trade represents a 3.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 638,483 shares of company stock valued at $3,035,848. Corporate insiders own 23.51% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Institutional investors have recently added to or reduced their stakes in the business. WNY Asset Management LLC purchased a new stake in shares of Clover Health Investments during the second quarter worth about $69,000. Public Employees Retirement System of Ohio acquired a new stake in Clover Health Investments in the 2nd quarter worth approximately $42,000. Bank of New York Mellon Corp purchased a new stake in Clover Health Investments during the 2nd quarter worth approximately $6,346,000. Sapient Capital LLC purchased a new stake in Clover Health Investments during the 1st quarter worth approximately $141,000. Finally, California State Teachers Retirement System grew its position in Clover Health Investments by 24.1% during the 1st quarter. California State Teachers Retirement System now owns 497,006 shares of the company’s stock worth $875,000 after purchasing an additional 96,458 shares during the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

Clover Health Investments Company Profile

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.