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

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price gapped up before the market opened 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.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a report on Friday, March 27th. Wall Street Zen raised shares of Clover Health Investments from a “hold” rating to a “buy” rating in a report on Saturday. Leerink Partners lowered their price target on shares of Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a research report on Thursday, March 5th. Finally, Canaccord Genuity Group upped their price target on shares of Clover Health Investments from $3.20 to $4.20 and gave the stock a “buy” rating in a research report on Thursday, June 4th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Clover Health Investments presently has an average rating of “Hold” and an average target price of $3.23.

Clover Health Investments Stock Up 13.6%

The firm’s 50-day moving average price is $2.86 and its 200 day moving average price is $2.50. The firm has a market cap of $2.57 billion, a P/E ratio of -40.20 and a beta of 2.54.

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

Insider Activity at Clover Health Investments

In related news, Director Carladenise Armbrister Edwards sold 67,160 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $3.42, for a total value of $229,687.20. Following the completion of the transaction, the director owned 285,432 shares in the company, valued at $976,177.44. This represents a 19.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Brady Patrick Priest sold 98,039 shares of the stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $3.52, for a total transaction of $345,097.28. Following the completion of the transaction, the chief executive officer owned 2,040,222 shares of the company’s stock, valued at $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 385,625 shares of company stock worth $1,454,284 in the last 90 days. Corporate insiders own 23.51% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

A number of institutional investors and hedge funds have recently bought and sold shares of CLOV. Abel Hall LLC bought a new position in Clover Health Investments in the 4th quarter valued at about $27,000. Allworth Financial LP grew its position in Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after buying an additional 6,527 shares in the last quarter. Quadrature Capital Ltd bought a new position in Clover Health Investments in the 4th quarter valued at about $29,000. Schonfeld Strategic Advisors LLC bought a new position in Clover Health Investments in the 4th quarter valued at about $29,000. Finally, Envestnet Asset Management Inc. bought a new position in Clover Health Investments in the 2nd quarter valued at about $31,000. 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.