Ameriprise Financial Inc. Trims Stake in Clover Health Investments, Corp. (NASDAQ:CLOV)

Ameriprise Financial Inc. lowered its holdings in Clover Health Investments, Corp. (NASDAQ:CLOV) by 4.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 243,770 shares of the company’s stock after selling 10,830 shares during the period. Ameriprise Financial Inc.’s holdings in Clover Health Investments were worth $768,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of CLOV. Phoenix Financial Ltd. increased its position in shares of Clover Health Investments by 6.8% in the fourth quarter. Phoenix Financial Ltd. now owns 39,000 shares of the company’s stock worth $123,000 after purchasing an additional 2,500 shares during the last quarter. Parallax Volatility Advisers L.P. grew its stake in Clover Health Investments by 47.7% in the 4th quarter. Parallax Volatility Advisers L.P. now owns 19,855 shares of the company’s stock worth $63,000 after buying an additional 6,408 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Clover Health Investments by 6.3% in the 4th quarter. Arizona State Retirement System now owns 118,265 shares of the company’s stock worth $373,000 after buying an additional 6,990 shares during the last quarter. Triumph Capital Management purchased a new stake in shares of Clover Health Investments during the 4th quarter valued at $45,000. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Clover Health Investments during the 4th quarter valued at $73,000. Institutional investors own 19.77% of the company’s stock.

Clover Health Investments Trading Up 1.0%

Shares of NASDAQ CLOV opened at $3.17 on Tuesday. The stock’s 50-day moving average is $3.46 and its 200 day moving average is $3.66. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -15.85 and a beta of 1.99. Clover Health Investments, Corp. has a 1-year low of $0.90 and a 1-year high of $4.87.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.12. Clover Health Investments had a negative net margin of 5.92% and a negative return on equity of 25.46%. The firm had revenue of $462.33 million for the quarter, compared to the consensus estimate of $466.93 million. On average, analysts forecast that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, 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 report on Monday, March 3rd.

Insiders Place Their Bets

In related news, General Counsel Karen Soares sold 52,500 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were 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 $4,938,719.40. This represents a 3.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Brady Patrick Priest sold 75,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $3.68, for a total value of $276,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,418,151 shares in the company, valued at $8,898,795.68. The trade was a 3.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,500 shares of company stock valued at $1,197,500 over the last three months. Insiders own 22.28% of the company’s stock.

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.