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

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) gapped up before the market opened on Thursday . The stock had previously closed at $4.34, but opened at $4.48. Clover Health Investments shares last traded at $4.6950, with a volume of 1,470,484 shares.

Analyst Ratings Changes

A number of brokerages have recently commented on CLOV. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Canaccord Genuity Group lifted their target price on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft started coverage on Clover Health Investments in a research note on Thursday. They issued a “buy” rating and a $6.00 target price on the stock. UBS Group upped their price target on Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Finally, Wall Street Zen downgraded shares of Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Clover Health Investments presently has a consensus rating of “Hold” and a consensus price target of $4.75.

Clover Health Investments Stock Performance

The company has a market cap of $2.52 billion, a P/E ratio of -94.88 and a beta of 2.47. The business’s 50-day moving average price is $4.45 and its 200 day moving average price is $3.51.

Clover Health Investments (NASDAQ:CLOV) last issued its earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. The company had revenue of $743.17 million for the quarter, compared to analysts’ expectations of $728.27 million.

Insider Activity at Clover Health Investments

In other Clover Health Investments news, CEO Andrew Toy sold 313,476 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $5.32, for a total transaction of $1,667,692.32. Following the completion of the sale, the chief executive officer owned 9,609,825 shares of the company’s stock, valued at $51,124,269. This trade represents a 3.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Joseph Frank Oldakowski sold 12,102 shares of Clover Health Investments stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $4.86, for a total transaction of $58,815.72. Following the transaction, the vice president directly owned 299,067 shares of the company’s stock, valued at approximately $1,453,465.62. This trade represents a 3.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 418,057 shares of company stock valued at $2,156,348 over the last quarter. 23.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Clover Health Investments

Several large investors have recently modified their holdings of CLOV. Alliancebernstein L.P. boosted its holdings in shares of Clover Health Investments by 1.2% during the 3rd quarter. Alliancebernstein L.P. now owns 415,985 shares of the company’s stock worth $1,273,000 after buying an additional 5,085 shares during the period. ProShare Advisors LLC raised its holdings in Clover Health Investments by 8.2% in the 4th quarter. ProShare Advisors LLC now owns 74,700 shares of the company’s stock valued at $176,000 after acquiring an additional 5,660 shares during the period. Allworth Financial LP lifted its position in 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 last quarter. Verition Fund Management LLC lifted its position in Clover Health Investments by 11.3% during the fourth quarter. Verition Fund Management LLC now owns 65,777 shares of the company’s stock worth $155,000 after acquiring an additional 6,677 shares during the last quarter. Finally, Kestra Private Wealth Services LLC boosted its holdings in shares of Clover Health Investments by 44.1% during the first quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company’s stock worth $43,000 after acquiring an additional 7,500 shares during the period. 19.77% of the stock is owned by institutional investors.

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.