Now, investors of Clover Health (NASDAQ: CLOV) are grinning ear to ear. Although clov stock price target stays down more than 25% year-to-date (YTD), shares of the firm are up over 20% today.
Why exactly is Clover Health trading higher today?
Over the weekend, it was reported that Clover supervisor Chelsea Clinton had recently purchased shares of CLOV stock. The transaction, which took place on March 3, saw Clinton acquire 100,000 shares for an ordinary rate of $2.52 per share. In total, Clinton’s current purchase amounted to $252,530, according to a Type 4 submitted to the U.S. Securities and Exchange Commission (SEC).
Why Is CLOV Stock Up Today?
Today, CLOV stock is up in reaction to Clinton’s acquisition, which financiers are considering as a positive signal. Often times, director trading task such as this is essential to track because insiders commonly have a better view of a business’s long-lasting growth potential than retail capitalists.
So, keeping that in mind, are various other experts of Clover bullish on the company? In the past one year, experts have acquired 2.2 million shares as well as marketed 22.9 million shares. That’s a web of 20.6 million shares marketed. This mass insider marketing seems to correlate with CLOV stock’s decrease of greater than 60% over the past one year.
Still, with Clinton’s recent purchase, financiers are questioning that else is wagering huge on Clover Wellness. Let’s leap right in.
That Else Is Betting Big on Clover Health?
Since the fourth quarter, 160 institutional financiers own shares of CLOV stock. That marks a quarter-0ver-quarter (QOQ) increase of 8.8%. During the period, the overall amount of shares held by institutional investors likewise enhanced from 105.7 million to 129.8 million, up almost 23% QOQ. Allow’s have a look at the top five institutional investors.
Lead has 25.9 million shares or 7.65% possession. The company purchased 8.8 million shares during Q4.
Greenoaks Resources Partners has 24.8 million shares or 7.34% possession. The firm offered 24.8 million shares during Q4.
Baillie Gifford has 7.8 million shares or 2.3% possession. The firm acquired 2.6 million shares throughout Q4.
2 Sigma Investments has 6.6 million shares or 1.95% ownership. The company purchased all 6.6 million shares during Q4.
PNC Financial Provider (NYSE: PNC) has 6.4 million shares or 1.88% ownership. The company sold 249,850 shares during Q4.
Out of the top 5 shareholders, 3 funds decreased their positions and also 2 funds increased their placements. Greenoaks Capital Partners had one of the most notable deal, as the fund offered concerning 50% of its existing setting throughout Q4. Two Sigma’s 6.6 million share acquisition was additionally notable, as the purchase put it among the leading 5 shareholders.
