Insider Selling: Clover Health Investments (NASDAQ:CLOV) CEO Sells 220,426 Shares of Stock

Clover Health Investments, Corp. (NASDAQ:CLOV) CEO Conrad Wai sold 220,426 shares of Clover Health Investments stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $3.99, for a total transaction of $879,499.74. Following the sale, the chief executive officer owned 1,390,056 shares of the company’s stock, valued at approximately $5,546,323.44. This represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Clover Health Investments Stock Performance

Shares of Clover Health Investments stock traded up $0.59 on Thursday, reaching $4.18. The company had a trading volume of 21,259,069 shares, compared to its average volume of 6,319,076. The firm’s 50 day moving average price is $2.49 and its two-hundred day moving average price is $2.40. Clover Health Investments, Corp. has a 52-week low of $1.58 and a 52-week high of $4.23. The firm has a market cap of $2.20 billion, a PE ratio of -34.83 and a beta of 2.44.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The company had revenue of $749.19 million for the quarter, compared to analysts’ expectations of $714.89 million. Clover Health Investments had a negative return on equity of 16.52% and a negative net margin of 2.58%. As a group, sell-side analysts predict that Clover Health Investments, Corp. will post -0.02 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Leerink Partners cut their price objective on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a report on Thursday, March 5th. Canaccord Genuity Group lowered their target price on Clover Health Investments from $3.70 to $3.20 and set a “buy” rating for the company in a report on Friday, March 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. Finally, Wall Street Zen raised shares of Clover Health Investments from a “sell” rating to a “hold” rating in a research report on Sunday, February 15th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.90.

Institutional Trading of Clover Health Investments

Hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. boosted its holdings in Clover Health Investments by 1.2% in the third quarter. Alliancebernstein L.P. now owns 415,985 shares of the company’s stock valued at $1,273,000 after purchasing an additional 5,085 shares during the period. ProShare Advisors LLC grew its stake in Clover Health Investments by 8.2% during the 4th quarter. ProShare Advisors LLC now owns 74,700 shares of the company’s stock worth $176,000 after purchasing an additional 5,660 shares in the last quarter. Swiss Life Asset Management Ltd grew its stake in Clover Health Investments by 53.5% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 17,002 shares of the company’s stock worth $52,000 after purchasing an additional 5,926 shares in the last quarter. Allworth Financial LP raised its position in Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after purchasing an additional 6,527 shares in the last quarter. Finally, Verition Fund Management LLC boosted its stake in shares of Clover Health Investments by 11.3% in the 4th quarter. Verition Fund Management LLC now owns 65,777 shares of the company’s stock valued at $155,000 after buying an additional 6,677 shares during the period. 19.77% of the stock is currently owned by institutional investors and hedge funds.

Clover Health Investments Company Profile

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.