Clover Health Investments (NASDAQ:CLOV) CEO Conrad Wai Sells 220,426 Shares

Clover Health Investments, Corp. (NASDAQ:CLOV) CEO Conrad Wai sold 220,426 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $3.99, for a total value of $879,499.74. Following the completion of the transaction, the chief executive officer directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Clover Health Investments Trading Up 16.4%

CLOV stock traded up $0.59 during midday trading on Thursday, reaching $4.18. The stock had a trading volume of 21,259,069 shares, compared to its average volume of 6,319,076. Clover Health Investments, Corp. has a 52-week low of $1.58 and a 52-week high of $4.23. The company’s fifty day simple moving average is $2.49 and its 200 day simple moving average is $2.40. The company has a market cap of $2.20 billion, a price-to-earnings ratio of -34.83 and a beta of 2.44.

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

Wall Street Analyst Weigh In

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

Institutional Trading of Clover Health Investments

Hedge funds and other institutional investors have recently made changes to their positions in the company. Divisadero Street Capital Management LP purchased a new position in Clover Health Investments in the third quarter worth approximately $8,470,000. Principal Financial Group Inc. raised its position in Clover Health Investments by 1,590.3% in the third quarter. Principal Financial Group Inc. now owns 485,433 shares of the company’s stock valued at $1,485,000 after purchasing an additional 456,715 shares during the period. Vanguard Group Inc. lifted its stake in shares of Clover Health Investments by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company’s stock valued at $55,192,000 after purchasing an additional 425,904 shares during the last quarter. Consolidated Portfolio Review Corp grew its holdings in shares of Clover Health Investments by 178.0% during the 3rd quarter. Consolidated Portfolio Review Corp now owns 104,442 shares of the company’s stock worth $320,000 after purchasing an additional 66,868 shares during the period. Finally, 111 Capital purchased a new position in shares of Clover Health Investments during the 3rd quarter worth $42,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

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.