Charles Schwab Investment Management Inc. lowered its stake in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 8.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,751,057 shares of the company's stock after selling 249,448 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.55% of Clover Health Investments worth $8,666,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Parallax Volatility Advisers L.P. bought a new stake in shares of Clover Health Investments during the third quarter valued at approximately $38,000. KBC Group NV acquired a new stake in shares of Clover Health Investments in the third quarter valued at $53,000. Steph & Co. lifted its holdings in shares of Clover Health Investments by 33.3% in the fourth quarter. Steph & Co. now owns 20,000 shares of the company's stock valued at $63,000 after buying an additional 5,000 shares during the period. HighTower Advisors LLC bought a new position in Clover Health Investments during the third quarter valued at about $97,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in Clover Health Investments during the third quarter worth about $105,000. 19.77% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, Director Carladenise Armbrister Edwards sold 200,000 shares of Clover Health Investments stock in a transaction on Friday, March 7th. The stock was sold at an average price of $3.61, for a total transaction of $722,000.00. Following the transaction, the director now owns 273,227 shares in the company, 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 filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Karen Soares sold 52,500 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $3.80, for a total value of $199,500.00. Following the completion of the sale, the general counsel now directly owns 1,299,663 shares of the company's stock, valued at approximately $4,938,719.40. This 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 over the last ninety days. 22.28% of the stock is currently owned by company insiders.
Clover Health Investments Stock Performance
Shares of NASDAQ:CLOV traded down $0.14 during midday trading on Wednesday, reaching $3.73. The company had a trading volume of 3,017,906 shares, compared to its average volume of 6,818,487. The company has a fifty day simple moving average of $4.13 and a two-hundred day simple moving average of $3.68. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of -18.65 and a beta of 2.00. Clover Health Investments, Corp. has a 1-year low of $0.61 and a 1-year high of $4.87.
Wall Street Analysts Forecast Growth
CLOV has been the subject of several research reports. Canaccord Genuity Group raised their price objective on shares of Clover Health Investments from $4.20 to $4.50 and gave the company a "buy" rating in a research report on Monday, March 3rd. Craig Hallum assumed coverage on shares of Clover Health Investments in a report on Tuesday, December 17th. They set a "buy" rating and a $6.00 target price for the company.
Check Out Our Latest Research Report on CLOV
Clover Health Investments Profile
(
Free Report)
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.
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