Clover Health Investments (NASDAQ:CLOV) Shares Down 6.5% Following Insider Selling

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price dropped 6.5% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $4.70 and last traded at $4.7690. Approximately 1,612,354 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 6,101,653 shares. The stock had previously closed at $5.10.

Specifically, VP Joseph Frank Oldakowski sold 20,000 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $5.16, for a total value of $103,200.00. Following the sale, the vice president directly owned 279,067 shares in the company, valued at approximately $1,439,985.72. This trade represents a 6.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft initiated coverage on Clover Health Investments in a report on Thursday. They set a “buy” rating and a $6.00 target price on the stock. UBS Group boosted their target price on Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a research note on Thursday, August 6th. Canaccord Genuity Group increased their price target on Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Finally, Wall Street Zen lowered Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $4.75.

Clover Health Investments Stock Performance

The firm has a market capitalization of $2.53 billion, a P/E ratio of -95.08 and a beta of 2.47. The firm’s 50-day moving average is $4.43 and its 200 day moving average is $3.57.

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

Institutional Investors Weigh In On Clover Health Investments

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System lifted its stake in Clover Health Investments by 387.2% in the 2nd quarter. California State Teachers Retirement System now owns 2,421,577 shares of the company’s stock valued at $12,689,000 after acquiring an additional 1,924,571 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Clover Health Investments during the 2nd quarter worth approximately $6,346,000. Tidal Investments LLC acquired a new stake in shares of Clover Health Investments in the second quarter valued at approximately $2,156,000. WINTON GROUP Ltd acquired a new stake in shares of Clover Health Investments in the second quarter valued at approximately $913,000. Finally, AXQ Capital LP lifted its position in shares of Clover Health Investments by 602.6% in the second quarter. AXQ Capital LP now owns 146,569 shares of the company’s stock worth $768,000 after purchasing an additional 125,708 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

Clover Health Investments Company Profile

Clover Health Investments, Inc is a healthcare technology and insurance company focused on providing Medicare Advantage plans to eligible Medicare beneficiaries. Its insurance business offers medical coverage and related healthcare benefits through plans available in select counties across the United States.

The company also develops and uses Clover Assistant, a technology platform designed to support physicians with patient information, clinical insights, care recommendations and tools intended to help improve healthcare outcomes.