Investors Buy Large Volume of Call Options on Clover Health Investments (NASDAQ:CLOV)

Clover Health Investments, Corp. (NASDAQ:CLOV) saw unusually large options trading activity on Monday. Investors acquired 33,262 call options on the stock. This is an increase of approximately 68% compared to the average daily volume of 19,833 call options.

Clover Health Investments Trading Up 1.6 %

Shares of Clover Health Investments stock opened at $3.87 on Wednesday. The company has a fifty day simple moving average of $4.13 and a 200-day simple moving average of $3.68. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of -19.35 and a beta of 2.00. Clover Health Investments has a 12-month low of $0.61 and a 12-month high of $4.87.

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 stock was sold at an average price of $3.61, for a total transaction of $722,000.00. Following the transaction, the director now owns 273,227 shares of the company’s stock, valued at approximately $986,349.47. This represents a 42.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brady Patrick Priest sold 75,000 shares of Clover Health Investments stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $3.68, for a total transaction 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 $8,898,795.68. This trade represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,500 shares of company stock valued at $1,197,500 over the last 90 days. 22.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Clover Health Investments

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

Analyst Ratings Changes

CLOV has been the topic of a number of recent research reports. Canaccord Genuity Group upped their target price 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 research report on Tuesday, December 17th. They set a “buy” rating and a $6.00 price objective 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.