Clover Health Investments (NASDAQ:CLOV) Shares Down 3.5% - Here's What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s share price fell 3.5% during mid-day trading on Wednesday . The company traded as low as $3.70 and last traded at $3.68. 718,880 shares changed hands during trading, a decline of 90% from the average session volume of 6,919,230 shares. The stock had previously closed at $3.81.

Analyst Upgrades and Downgrades

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

Clover Health Investments Trading Up 1.6 %

The business has a 50 day moving average of $4.13 and a two-hundred day moving average of $3.66. The firm has a market cap of $1.90 billion, a P/E ratio of -18.60 and a beta of 2.00.

Insider Activity

In related news, CEO Brady Patrick Priest sold 75,000 shares of the business's stock in a transaction 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 directly owns 2,418,151 shares in the company, valued at $8,898,795.68. The trade was a 3.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Karen Soares sold 52,500 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $3.80, for a total transaction 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. The trade was a 3.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,500 shares of company stock valued at $1,197,500 over the last ninety days. 22.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Clover Health Investments

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Parallax Volatility Advisers L.P. acquired a new stake in shares of Clover Health Investments during the 3rd quarter worth $38,000. Triumph Capital Management bought a new stake in Clover Health Investments during the fourth quarter worth about $45,000. KBC Group NV acquired a new stake in Clover Health Investments during the third quarter worth about $53,000. Steph & Co. increased its holdings in Clover Health Investments by 33.3% in 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 during the period. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Clover Health Investments in the 4th quarter valued at approximately $73,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

Clover Health Investments Company Profile

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.