Clover Health Investments (NASDAQ:CLOV) Sees Large Volume Increase – Should You Buy?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) saw unusually-strong trading volume on Thursday . Approximately 4,101,027 shares were traded during trading, a decline of 37% from the previous session’s volume of 6,539,188 shares.The stock last traded at $4.9750 and had previously closed at $4.89.

Analyst Upgrades and Downgrades

CLOV has been the subject of a number of analyst reports. Wall Street Zen upgraded Clover Health Investments from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Leerink Partners reduced their price target on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a research report on Thursday, March 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. UBS Group restated a “neutral” rating and issued a $4.75 price target on shares of Clover Health Investments in a research report on Thursday. Finally, Canaccord Genuity Group upped their price target on Clover Health Investments from $3.20 to $4.20 and gave the stock a “buy” rating in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Clover Health Investments has an average rating of “Hold” and a consensus target price of $3.82.

Clover Health Investments Stock Down 0.6%

The stock has a market cap of $2.56 billion, a P/E ratio of -40.37 and a beta of 2.54. The business has a 50 day moving average price of $2.93 and a two-hundred day moving average price of $2.52.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The business had revenue of $749.19 million during the quarter, compared to the consensus estimate of $714.89 million. Clover Health Investments had a negative return on equity of 16.52% and a negative net margin of 2.58%.

Insider Transactions at Clover Health Investments

In other news, CEO Brady Patrick Priest sold 98,039 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total value of $345,097.28. Following the completion of the transaction, the chief executive officer owned 2,040,222 shares of the company’s stock, valued at $7,181,581.44. This represents a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Carladenise Armbrister Edwards sold 67,160 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $3.42, for a total value of $229,687.20. Following the completion of the transaction, the director directly owned 285,432 shares of the company’s stock, valued at approximately $976,177.44. This trade represents a 19.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 385,625 shares of company stock valued at $1,454,284 over the last 90 days. Company insiders own 23.51% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Abel Hall LLC bought a new stake in Clover Health Investments in the fourth quarter worth $27,000. Allworth Financial LP lifted its position in Clover Health Investments by 218.9% during the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after purchasing an additional 6,527 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Clover Health Investments in the 4th quarter worth $29,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Clover Health Investments in the 4th quarter worth $29,000. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Clover Health Investments in the 2nd quarter worth about $31,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

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.