Clover Health Investments (NASDAQ:CLOV) Shares Gap Down - Should You Sell?

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $3.64, but opened at $3.46. Clover Health Investments shares last traded at $3.52, with a volume of 1,725,372 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Canaccord Genuity Group boosted their price target on Clover Health Investments from $4.20 to $4.50 and gave the company a "buy" rating in a research note on Monday, March 3rd. Craig Hallum began coverage on shares of Clover Health Investments in a research report on Tuesday, December 17th. They issued a "buy" rating and a $6.00 target price for the company.

Clover Health Investments Price Performance

The company has a fifty day simple moving average of $4.08 and a two-hundred day simple moving average of $3.62. The company has a market capitalization of $1.73 billion, a P/E ratio of -16.95 and a beta of 2.00.

Insider Activity at Clover Health Investments

In other Clover Health Investments news, General Counsel Karen Soares sold 52,500 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $3.80, for a total value of $199,500.00. Following the sale, the general counsel now owns 1,299,663 shares of the company's stock, valued at $4,938,719.40. This trade represents a 3.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Brady Patrick Priest sold 75,000 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $3.68, for a total value of $276,000.00. Following the transaction, the chief executive officer now owns 2,418,151 shares of the company's stock, valued at approximately $8,898,795.68. This trade represents a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 22.28% of the stock is owned by company insiders.

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Institutional Investors Weigh In On Clover Health Investments

Several hedge funds and other institutional investors have recently modified their holdings of CLOV. Vanguard Group Inc. boosted its holdings in Clover Health Investments by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 19,585,213 shares of the company's stock valued at $61,693,000 after purchasing an additional 386,499 shares during the period. Geode Capital Management LLC grew its position in Clover Health Investments by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 4,882,461 shares of the company's stock worth $15,387,000 after buying an additional 53,760 shares in the last quarter. Marshall Wace LLP increased its stake in Clover Health Investments by 167.6% during the fourth quarter. Marshall Wace LLP now owns 3,769,765 shares of the company's stock valued at $11,875,000 after acquiring an additional 2,360,902 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Clover Health Investments by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,000,505 shares of the company's stock valued at $8,461,000 after acquiring an additional 150,550 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Clover Health Investments by 65.0% in the 3rd quarter. State Street Corp now owns 2,189,380 shares of the company's stock worth $6,174,000 after acquiring an additional 862,621 shares during the period. Institutional investors and hedge funds own 19.77% of the company's stock.

About Clover Health Investments

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.