Traders Buy Large Volume of Clover Health Investments Call Options (NASDAQ:CLOV)

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) was the target of some unusual options trading on Monday. Stock traders acquired 33,262 call options on the stock. This represents an increase of approximately 68% compared to the average volume of 19,833 call options.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CLOV. Craig Hallum started 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. Canaccord Genuity Group raised 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.

Insider Activity

In related news, CEO Brady Patrick Priest sold 75,000 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $3.68, for a total transaction of $276,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,418,151 shares in the company, valued at approximately $8,898,795.68. This trade represents a 3.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $199,500.00. Following the transaction, the general counsel now directly owns 1,299,663 shares of the company's stock, valued at $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 have sold 327,500 shares of company stock worth $1,197,500 in the last 90 days. Corporate insiders own 22.28% of the company's stock.

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Institutional Investors Weigh In On Clover Health Investments

Institutional investors and hedge funds have recently modified their holdings of the company. Graypoint LLC bought a new stake in Clover Health Investments in the fourth quarter valued at approximately $632,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Clover Health Investments in the third quarter valued at about $1,228,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in Clover Health Investments by 75.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company's stock worth $3,181,000 after acquiring an additional 485,987 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in Clover Health Investments during the 3rd quarter worth approximately $448,000. Finally, State Street Corp boosted its position in shares of Clover Health Investments by 65.0% in the third quarter. State Street Corp now owns 2,189,380 shares of the company's stock valued at $6,174,000 after acquiring an additional 862,621 shares during the period. 19.77% of the stock is owned by institutional investors.

Clover Health Investments Stock Performance

CLOV traded down $0.16 during trading on Friday, reaching $3.55. 4,005,306 shares of the stock were exchanged, compared to its average volume of 6,863,582. The stock has a market cap of $1.81 billion, a P/E ratio of -17.77 and a beta of 2.00. Clover Health Investments has a twelve month low of $0.61 and a twelve month high of $4.87. The stock's 50 day moving average price is $4.12 and its two-hundred day moving average price is $3.68.

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.