Clover Health Investments Sees Unusually Large Options Volume (NASDAQ:CLOV)

Clover Health Investments, Corp. (NASDAQ:CLOV) saw some unusual options trading on Monday. Investors acquired 22,849 call options on the stock. This represents an increase of 31% compared to the typical volume of 17,472 call options.

Insiders Place Their Bets

In other news, insider Karen Soares sold 19,275 shares of Clover Health Investments stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $4.66, for a total transaction of $89,821.50. Following the sale, the insider directly owned 1,573,423 shares of the company’s stock, valued at approximately $7,332,151.18. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a legal 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, CEO Conrad Wai sold 23,627 shares of the business’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $4.68, for a total value of $110,574.36. Following the completion of the transaction, the chief executive officer owned 1,042,072 shares in the company, valued at approximately $4,876,896.96. This trade represents a 2.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 sold a total of 768,573 shares of company stock valued at $3,462,479 in the last three months. 23.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Clover Health Investments

Institutional investors have recently made changes to their positions in the company. Allworth Financial LP raised its position in shares of Clover Health Investments by 200.7% during the 3rd quarter. Allworth Financial LP now owns 12,281 shares of the company’s stock valued at $53,000 after acquiring an additional 8,197 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Clover Health Investments by 14.1% during the third quarter. Russell Investments Group Ltd. now owns 129,871 shares of the company’s stock worth $560,000 after purchasing an additional 16,086 shares during the last quarter. Vise Technologies Inc. acquired a new position in Clover Health Investments in the third quarter worth $115,000. State of Wyoming boosted its holdings in Clover Health Investments by 20.1% in the third quarter. State of Wyoming now owns 94,729 shares of the company’s stock worth $408,000 after purchasing an additional 15,857 shares during the period. Finally, Sterling Capital Management LLC boosted its holdings in Clover Health Investments by 847.9% in the third quarter. Sterling Capital Management LLC now owns 14,000 shares of the company’s stock worth $60,000 after purchasing an additional 12,523 shares during the period. 19.77% of the stock is currently owned by institutional investors.

Clover Health Investments Price Performance

NASDAQ:CLOV traded up $0.21 during mid-day trading on Monday, reaching $5.04. The stock had a trading volume of 5,036,596 shares, compared to its average volume of 5,826,087. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 503.10 and a beta of 2.52. Clover Health Investments has a 1-year low of $1.58 and a 1-year high of $5.59. The stock’s 50 day simple moving average is $4.54 and its two-hundred day simple moving average is $3.59.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02. Clover Health Investments had a return on equity of 4.83% and a net margin of 0.45%. The firm had revenue of $759.30 million for the quarter, compared to analysts’ expectations of $740.07 million. Sell-side analysts anticipate that Clover Health Investments will post 0.06 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Monday, September 21st. Canaccord Genuity Group increased their target price on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Zacks Research raised shares of Clover Health Investments to a “hold” rating in a research report on Monday, September 14th. Needham & Company LLC reissued a “buy” rating on shares of Clover Health Investments in a research report on Thursday. Finally, UBS Group lifted their price target on shares of Clover Health Investments from $5.00 to $5.50 and gave the stock a “neutral” rating in a research note on Thursday. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $5.10.

About Clover Health Investments

Clover Health Investments is a U.S. healthcare company focused on Medicare. Its insurance business offers Medicare Advantage plans to eligible beneficiaries in select markets, combining medical coverage with support intended to help members access care.

The company also developed the Clover Assistant, a technology platform that organizes patient information and provides clinicians with insights to support care decisions. Clover has described the platform as a way to help primary care providers identify health needs and coordinate care for people with complex conditions.

Founded in 2014, Clover Health became a publicly traded company in 2021 through a merger with a special purpose acquisition company.