Clover Health Investments (NASDAQ:CLOV) Stock Price Down 9.2% - Should You Sell?

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s share price dropped 9.2% on Monday . The stock traded as low as $3.26 and last traded at $3.27. Approximately 3,494,390 shares were traded during trading, a decline of 49% from the average daily volume of 6,792,397 shares. The stock had previously closed at $3.60.

Analyst Ratings Changes

Separately, Canaccord Genuity Group lifted their price objective on Clover Health Investments from $4.20 to $4.50 and gave the stock a "buy" rating in a research report on Monday, March 3rd.

Clover Health Investments Trading Up 0.4 %

The business has a 50 day simple moving average of $3.75 and a 200-day simple moving average of $3.75. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -17.37 and a beta of 1.98.

Insider Buying and Selling

In other news, Director Carladenise Armbrister Edwards sold 200,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 273,227 shares in the company, valued at approximately $986,349.47. This represents a 42.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Brady Patrick Priest sold 75,000 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $3.68, for a total transaction of $276,000.00. Following the transaction, the chief executive officer now directly owns 2,418,151 shares of the company's stock, valued at approximately $8,898,795.68. This represents a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 327,500 shares of company stock valued at $1,197,500. Insiders own 22.28% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CLOV. Phoenix Financial Ltd. raised its position in shares of Clover Health Investments by 6.8% during the 4th quarter. Phoenix Financial Ltd. now owns 39,000 shares of the company's stock worth $123,000 after purchasing an additional 2,500 shares during the period. Rhumbline Advisers boosted its stake in Clover Health Investments by 80.5% during the 1st quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock valued at $25,000 after purchasing an additional 3,160 shares during the period. Steph & Co. raised its holdings in shares of Clover Health Investments by 33.3% during 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 last quarter. Parallax Volatility Advisers L.P. boosted its position in shares of Clover Health Investments by 47.7% during the fourth 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, Arizona State Retirement System grew its holdings in Clover Health Investments by 6.3% in the 4th quarter. Arizona State Retirement System now owns 118,265 shares of the company's stock worth $373,000 after buying an additional 6,990 shares in the last quarter. Institutional investors 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.