Short Interest in Clover Health Investments, Corp. (NASDAQ:CLOV) Drops By 22.4%

Clover Health Investments, Corp. (NASDAQ:CLOV) was the recipient of a significant drop in short interest in February. As of February 28th, there was short interest totalling 11,900,000 shares, a drop of 22.4% from the February 13th total of 15,330,000 shares. Approximately 3.1% of the shares of the company are short sold. Based on an average daily volume of 5,890,000 shares, the short-interest ratio is currently 2.0 days.

Analyst Upgrades and Downgrades

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

Insider Transactions at Clover Health Investments

In other Clover Health Investments news, CEO Brady Patrick Priest sold 75,000 shares of Clover Health Investments stock in a transaction dated Thursday, March 6th. The stock was 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. The trade was a 3.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Karen Soares sold 52,500 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $3.80, for a total transaction of $199,500.00. Following the completion of the sale, the general counsel now directly owns 1,299,663 shares in the company, valued at approximately $4,938,719.40. The trade was a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,500 shares of company stock worth $1,197,500 over the last quarter. Corporate insiders own 22.28% of the company’s stock.

Institutional Trading of Clover Health Investments

Hedge funds have recently bought and sold shares of the company. Graypoint LLC purchased a new position in shares of Clover Health Investments during the fourth quarter worth approximately $632,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Clover Health Investments in the 3rd quarter worth $1,228,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Clover Health Investments by 75.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company’s stock worth $3,181,000 after purchasing an additional 485,987 shares during the period. JPMorgan Chase & Co. bought a new stake in Clover Health Investments in the third quarter worth $448,000. Finally, State Street Corp boosted its position in Clover Health Investments by 65.0% during the third quarter. State Street Corp now owns 2,189,380 shares of the company’s stock valued at $6,174,000 after buying an additional 862,621 shares during the period. Institutional investors own 19.77% of the company’s stock.

Clover Health Investments Price Performance

CLOV stock traded up $0.05 during mid-day trading on Tuesday, hitting $3.75. 2,723,240 shares of the stock were exchanged, compared to its average volume of 6,948,628. The business has a fifty day moving average price of $4.12 and a 200 day moving average price of $3.63. 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 $1.91 billion, a price-to-earnings ratio of -18.66 and a beta of 2.00.

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.