Clover Health Investments Target of Unusually High Options Trading (NASDAQ:CLOV)

Clover Health Investments, Corp. (NASDAQ:CLOV) was the recipient of unusually large options trading activity on Monday. Stock investors bought 33,262 call options on the stock. This is an increase of 68% compared to the average volume of 19,833 call options.

Clover Health Investments Price Performance

NASDAQ CLOV traded up $0.08 during mid-day trading on Monday, reaching $3.80. 2,800,102 shares of the stock were exchanged, compared to its average volume of 6,848,892. The stock has a market cap of $1.94 billion, a P/E ratio of -18.97 and a beta of 2.00. Clover Health Investments has a one year low of $0.61 and a one year high of $4.87. The stock has a 50 day simple moving average of $4.13 and a 200-day simple moving average of $3.66.

Insiders Place Their Bets

In other Clover Health Investments news, Director Carladenise Armbrister Edwards sold 200,000 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $3.61, for a total transaction of $722,000.00. Following the completion of the sale, the director now directly owns 273,227 shares in the company, valued at $986,349.47. This represents a 42.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brady Patrick Priest sold 75,000 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $3.68, for a total value of $276,000.00. Following the sale, the chief executive officer now owns 2,418,151 shares of the company’s stock, valued at approximately $8,898,795.68. This represents a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 327,500 shares of company stock valued at $1,197,500 in the last three months. 22.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Clover Health Investments

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLOV. Marshall Wace LLP increased its position in shares of Clover Health Investments by 167.6% during the 4th quarter. Marshall Wace LLP now owns 3,769,765 shares of the company’s stock valued at $11,875,000 after purchasing an additional 2,360,902 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Clover Health Investments by 5,071.2% during the 4th quarter. Millennium Management LLC now owns 1,245,701 shares of the company’s stock valued at $3,924,000 after purchasing an additional 1,221,612 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in Clover Health Investments during the 4th quarter valued at $2,769,000. Geode Capital Management LLC lifted its stake in Clover Health Investments by 21.9% in the third quarter. Geode Capital Management LLC now owns 4,828,701 shares of the company’s stock worth $13,622,000 after acquiring an additional 868,501 shares during the period. Finally, State Street Corp raised its position in shares of Clover Health Investments by 65.0% in the 3rd quarter. State Street Corp now owns 2,189,380 shares of the company’s stock worth $6,174,000 after acquiring an additional 862,621 shares in the last quarter. 19.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on CLOV. Canaccord Genuity Group upped their price objective on Clover Health Investments from $4.20 to $4.50 and gave the company a “buy” rating in a research note on Monday, March 3rd. Craig Hallum assumed coverage on shares of Clover Health Investments in a research note on Tuesday, December 17th. They set a “buy” rating and a $6.00 price target for the company.

About Clover Health Investments

Clover Health Investments, Corp. provides medicare advantage plans in the United States. It operates through two segments: Insurance and Non-Insurance. It also offers Clover Assistant, a cloud-based software platform, that enables physicians to detect, identify, and manage chronic diseases earlier; and access to data-driven and personalized insights for the patients they treat.