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

Clover Health Investments, Corp. (NASDAQ:CLOV) was the target of unusually large options trading on Monday. Stock traders acquired 33,262 call options on the stock. This represents an increase of approximately 68% compared to the typical volume of 19,833 call options.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Canaccord Genuity Group increased their price target on shares of Clover Health Investments from $4.20 to $4.50 and gave the stock a “buy” rating in a research note on Monday, March 3rd. Craig Hallum initiated coverage on shares of Clover Health Investments in a report on Tuesday, December 17th. They issued a “buy” rating and a $6.00 price objective on the stock.

Insiders Place Their Bets

In related news, Director Carladenise Armbrister Edwards sold 200,000 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $3.61, for a total value of $722,000.00. Following the completion of the transaction, the director now directly owns 273,227 shares of the company’s stock, valued at $986,349.47. This represents a 42.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brady Patrick Priest sold 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $3.68, for a total value of $276,000.00. Following the completion of the transaction, the chief executive officer now owns 2,418,151 shares of the company’s stock, valued at approximately $8,898,795.68. The trade was a 3.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 327,500 shares of company stock worth $1,197,500. 22.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Clover Health Investments

Large investors have recently modified their holdings of the stock. Parallax Volatility Advisers L.P. purchased a new position in Clover Health Investments in the 3rd quarter worth approximately $38,000. Triumph Capital Management bought a new stake in shares of Clover Health Investments in the 4th quarter worth $45,000. KBC Group NV purchased a new position in shares of Clover Health Investments in the third quarter worth $53,000. Steph & Co. lifted its holdings in shares of Clover Health Investments by 33.3% during the fourth quarter. Steph & Co. now owns 20,000 shares of the company’s stock valued at $63,000 after purchasing an additional 5,000 shares in the last quarter. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Clover Health Investments during the fourth quarter valued at $73,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Clover Health Investments Trading Up 2.4 %

Shares of NASDAQ:CLOV opened at $3.81 on Tuesday. Clover Health Investments has a 12-month low of $0.61 and a 12-month high of $4.87. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of -19.05 and a beta of 2.00. The stock has a fifty day simple moving average of $4.13 and a two-hundred day simple moving average of $3.67.

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.