Clover Health Investments (NASDAQ:CLOV) Sees Large Volume Increase – Should You Buy?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) saw unusually-high trading volume on Thursday . Approximately 4,101,027 shares traded hands during mid-day trading, a decline of 37% from the previous session’s volume of 6,539,188 shares.The stock last traded at $4.9750 and had previously closed at $4.89.

Wall Street Analysts Forecast Growth

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

Clover Health Investments Price Performance

The stock has a 50 day simple moving average of $2.93 and a 200-day simple moving average of $2.52. The firm has a market cap of $2.56 billion, a PE ratio of -40.37 and a beta of 2.54.

Clover Health Investments (NASDAQ:CLOV) last announced 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). The company had revenue of $749.19 million for the quarter, compared to analysts’ expectations of $714.89 million. Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%.

Insider Buying and Selling at Clover Health Investments

In other Clover Health Investments news, CEO Conrad Wai sold 220,426 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $3.99, for a total value of $879,499.74. Following the completion of the transaction, the chief executive officer owned 1,390,056 shares of the company’s stock, valued at approximately $5,546,323.44. The trade was a 13.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Carladenise Armbrister Edwards sold 67,160 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $3.42, for a total transaction of $229,687.20. Following 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 disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 385,625 shares of company stock worth $1,454,284. 23.51% of the stock is owned by insiders.

Institutional Trading of Clover Health Investments

Several large investors have recently added to or reduced their stakes in the business. Abel Hall LLC purchased a new stake in Clover Health Investments during the fourth quarter valued at approximately $27,000. Allworth Financial LP grew its position in shares of Clover Health Investments by 218.9% during the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after acquiring an additional 6,527 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Clover Health Investments during the 4th quarter valued at $29,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Clover Health Investments in the 4th quarter worth $29,000. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Clover Health Investments in the 2nd quarter worth $31,000. 19.77% of the stock is currently owned by institutional investors.

Clover Health Investments Company Profile

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.