Investors Buy Large Volume of Clover Health Investments Call Options (NASDAQ:CLOV)

Clover Health Investments, Corp. (NASDAQ:CLOV) was the target of unusually large options trading on Thursday. Stock investors acquired 44,769 call options on the stock. This is an increase of approximately 86% compared to the average volume of 24,046 call options.

Clover Health Investments Price Performance

Shares of CLOV stock traded up $0.64 during midday trading on Thursday, hitting $4.23. The company had a trading volume of 15,448,890 shares, compared to its average volume of 6,247,688. The company’s 50 day simple moving average is $2.49 and its 200 day simple moving average is $2.40. Clover Health Investments has a 52-week low of $1.58 and a 52-week high of $4.21. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of -35.12 and a beta of 2.44.

Clover Health Investments (NASDAQ:CLOV) last announced its earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.02). Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%. The company had revenue of $749.19 million during the quarter, compared to analysts’ expectations of $714.89 million. Analysts anticipate that Clover Health Investments will post -0.02 EPS for the current year.

Insider Activity

In related news, Director Carladenise Armbrister Edwards sold 67,160 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $3.42, for a total transaction of $229,687.20. Following the transaction, the director owned 285,432 shares in the company, valued at $976,177.44. This trade represents a 19.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brady Patrick Priest sold 98,039 shares of Clover Health Investments stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total value of $345,097.28. Following the transaction, the chief executive officer directly owned 2,040,222 shares in the company, valued at approximately $7,181,581.44. This trade represents a 4.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 340,199 shares of company stock worth $954,534 in the last three months. Corporate insiders own 23.51% of the company’s stock.

Institutional Trading of Clover Health Investments

Several hedge funds have recently modified their holdings of CLOV. Abel Hall LLC acquired a new stake in shares of Clover Health Investments in the 4th quarter valued at approximately $27,000. Allworth Financial LP lifted its holdings in shares of Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after buying an additional 6,527 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of Clover Health Investments in the 4th quarter valued at approximately $29,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Clover Health Investments in the 4th quarter valued at approximately $29,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Clover Health Investments in the 2nd quarter valued at approximately $31,000. 19.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on CLOV. Canaccord Genuity Group cut their price target on Clover Health Investments from $3.70 to $3.20 and set a “buy” rating on the stock in a research report on Friday, March 20th. Leerink Partners cut their price target on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research report on Thursday, March 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. Finally, Wall Street Zen raised Clover Health Investments from a “sell” rating to a “hold” rating in a research report on Sunday, February 15th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.90.

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.