Clover Health Investments (NASDAQ:CLOV) Shares Gap Up – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV) gapped up prior to trading on Wednesday . The stock had previously closed at $4.29, but opened at $4.56. Clover Health Investments shares last traded at $4.8470, with a volume of 6,076,837 shares changing hands.

Analyst Ratings Changes

A number of research firms recently commented on CLOV. Leerink Partners reduced their price target on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a report on Thursday, March 5th. Canaccord Genuity Group lifted their price target on Clover Health Investments from $3.20 to $4.20 and gave the stock a “buy” rating in a report on Thursday, June 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a report on Friday, March 27th. Wall Street Zen upgraded Clover Health Investments from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, UBS Group lifted their price target on Clover Health Investments from $2.75 to $4.75 and gave the stock a “neutral” rating in a report on Thursday. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.82.

Clover Health Investments Stock Up 0.2%

The firm has a market cap of $2.58 billion, a P/E ratio of -40.83 and a beta of 2.54. The business has a fifty day moving average of $2.99 and a 200 day moving average of $2.54.

Clover Health Investments (NASDAQ:CLOV) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). Clover Health Investments had a negative return on equity of 16.52% and a negative net margin of 2.58%.The firm had revenue of $749.19 million for the quarter, compared to the consensus estimate of $714.89 million.

Insider Transactions at Clover Health Investments

In other news, CEO Conrad Wai sold 220,426 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $3.99, for a total transaction of $879,499.74. Following the completion of the sale, the chief executive officer owned 1,390,056 shares in the company, valued at $5,546,323.44. The trade was a 13.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brady Patrick Priest sold 98,039 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total value of $345,097.28. Following the sale, the chief executive officer owned 2,040,222 shares of the company’s stock, valued at approximately $7,181,581.44. This represents a 4.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 385,625 shares of company stock worth $1,454,284 over the last quarter. Company insiders own 23.51% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Institutional investors have recently made changes to their positions in the company. Allworth Financial LP boosted its holdings in shares of Clover Health Investments by 218.9% during the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after acquiring an additional 6,527 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of Clover Health Investments during the first quarter worth approximately $37,000. Envestnet Asset Management Inc. acquired a new stake in shares of Clover Health Investments in the second quarter valued at approximately $31,000. Abel Hall LLC acquired a new stake in shares of Clover Health Investments in the fourth quarter valued at approximately $27,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Clover Health Investments in the fourth quarter valued at approximately $29,000. Institutional investors own 19.77% of the company’s stock.

About Clover Health Investments

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.