Renaissance Technologies LLC recently announced the acquisition of new stake in Clover Health Investments Corp (NASDAQ:CLOV). The institutional investor has increased its shareholding in the Healthcare company by 17.63% to 10.41 million shares with purchase of 1.56 million shares. This fresh investment now brings its stake to 2.60% valued currently at $9.59 million. In addition, Geode Capital Management LLC raised its holdings by 0.42 million to 4.07 million shares. And SSgA Funds Management, Inc. has lifted its position by 50.09% or 1.01 million shares – to 3.01 million shares.
Currently, there are 381.93M common shares owned by the public and among those 370.73M shares have been available to trade.
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Insiders at the company have transacted a total of 43 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 16,389,228 shares. Insider sales of the common stock occurred on 22 occasions, with total insider shares sold totaling 1,931,421 shares.
The top 3 mutual fund holders in Clover Health Investments Corp are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market ETF owns 10.28 million shares of the company’s stock, all valued at over $9.47 million. Vanguard Small Cap Index Fund bought 4228.0 shares to see its total holdings expand to 8.67 million shares valued at over $7.99 million and representing 2.17% of the shares outstanding. Vanguard Extended Market Index Fu bought 0.12 million shares to bring its total holdings to over 5.0 million shares at a value of $4.6 million. Vanguard Extended Market Index Fu now owns shares totaling to 1.25% of the shares outstanding.
However, the script later moved the day high at 1.0200, down -0.39%. The company’s stock has a 5-day price change of 2.81% and -8.26% over the past three months. CLOV shares are trading 5.61% year to date (YTD), with the 12-month market performance down to -5.62% lower. It has a 12-month low price of $0.71 and touched a high of $1.63 over the same period. CLOV has an average intraday trading volume of 5.09 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.58%, 0.65%, and -2.91% respectively.
Institutional ownership of Clover Health Investments Corp (NASDAQ: CLOV) shares accounts for 19.29% of the company’s 381.93M shares outstanding. Mutual fund holders own 12.81%, while other institutional holders and individual stakeholders account for 15.67% and 10.73% respectively.
It has a market capitalization of $478.67M and a beta (3y monthly) value of 1.93. The earnings-per-share (ttm) stands at -$0.47. The company has a debt-to-equity ratio at 0.02. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.66% over the week and 6.41% over the month.
Analysts forecast that Clover Health Investments Corp (CLOV) will achieve an EPS of -$0.14 for the current quarter, -$0.07 for the next quarter and -$0.19 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.18 while analysts give the company a high EPS estimate of -$0.1. Comparatively, EPS for the current quarter was -$0.17 a year ago. Earnings per share for the fiscal year are expected to increase by 41.55%, and 54.26% over the next financial year.
Looking at the support for the CLOV, a number of firms have released research notes about the stock. Cowen stated their Market Perform rating for the stock in a research note on February 02, 2022, with the firm’s price target at $7-$3.
