Clover Health Investments (NASDAQ:CLOV) Trading Up 9.2% - Should You Buy?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) traded up 9.2% during trading on Tuesday . The company traded as high as $3.49 and last traded at $3.51. 1,070,689 shares were traded during mid-day trading, a decline of 84% from the average session volume of 6,785,394 shares. The stock had previously closed at $3.21.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CLOV. Canaccord Genuity Group increased their price target on shares of Clover Health Investments from $4.20 to $4.50 and gave the stock a "buy" rating in a report on Monday, March 3rd. Craig Hallum began coverage on Clover Health Investments in a research report on Tuesday, December 17th. They set a "buy" rating and a $6.00 price objective on the stock.

Clover Health Investments Stock Up 0.3 %

The stock has a market cap of $1.88 billion, a P/E ratio of -18.40 and a beta of 1.98. The company has a 50-day simple moving average of $3.89 and a two-hundred day simple moving average of $3.74.

Insider Activity at Clover Health Investments

In related news, General Counsel Karen Soares sold 52,500 shares of the firm's 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 sale, the general counsel now directly 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brady Patrick Priest sold 75,000 shares of the 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 completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders sold 327,500 shares of company stock worth $1,197,500 in the last three months. 22.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its holdings in Clover Health Investments by 80.5% in the first quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock worth $25,000 after buying an additional 3,160 shares during the period. Triumph Capital Management purchased a new position in Clover Health Investments during the fourth quarter valued at $45,000. Steph & Co. boosted its holdings in shares of Clover Health Investments by 33.3% during the 4th quarter. Steph & Co. now owns 20,000 shares of the company's stock valued at $63,000 after buying an additional 5,000 shares in the last quarter. Parallax Volatility Advisers L.P. grew its position in shares of Clover Health Investments by 47.7% in the 4th quarter. Parallax Volatility Advisers L.P. now owns 19,855 shares of the company's stock worth $63,000 after buying an additional 6,408 shares during the period. Finally, ADAR1 Capital Management LLC bought a new position in shares of Clover Health Investments in the 4th quarter worth about $73,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

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.