Victory Capital Management Inc. Buys 328,665 Shares of Clover Health Investments, Corp. (NASDAQ:CLOV)

Key Points

• Victory Capital Management Inc. has increased its stake in Clover Health Investments by 704.2%, acquiring an additional 328,665 shares, leading to total ownership of 375,336 shares valued at approximately $1.35 million.
• CEO Conrad Wai sold 91,197 shares of Clover Health at an average price of $3.32, reducing his ownership by 6.10% to about 1.4 million shares.
• Clover Health reported a quarterly earnings beat with $0.05 EPS, exceeding analyst expectations, but recorded a negative net margin of 1.69%.

Victory Capital Management Inc. boosted its stake in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 704.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 375,336 shares of the company's stock after purchasing an additional 328,665 shares during the period. Victory Capital Management Inc. owned 0.07% of Clover Health Investments worth $1,347,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Graham Capital Management L.P. bought a new stake in Clover Health Investments in the fourth quarter valued at approximately $889,000. Marshall Wace LLP raised its stake in Clover Health Investments by 167.6% in the fourth quarter. Marshall Wace LLP now owns 3,769,765 shares of the company's stock valued at $11,875,000 after buying an additional 2,360,902 shares during the period. Barclays PLC raised its stake in Clover Health Investments by 336.5% in the fourth quarter. Barclays PLC now owns 461,692 shares of the company's stock valued at $1,454,000 after buying an additional 355,926 shares during the period. JPMorgan Chase & Co. raised its stake in Clover Health Investments by 172.0% in the fourth quarter. JPMorgan Chase & Co. now owns 432,268 shares of the company's stock valued at $1,362,000 after buying an additional 273,348 shares during the period. Finally, Vanguard Group Inc. raised its stake in Clover Health Investments by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 19,585,213 shares of the company's stock valued at $61,693,000 after buying an additional 386,499 shares during the period. Institutional investors own 19.77% of the company's stock.

Insider Buying and Selling at Clover Health Investments

In other news, CEO Conrad Wai sold 118,600 shares of Clover Health Investments stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $3.29, for a total value of $390,194.00. Following the completion of the transaction, the chief executive officer directly owned 1,494,898 shares of the company's stock, valued at approximately $4,918,214.42. This trade represents a 7.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 24.07% of the company's stock.

Clover Health Investments Stock Performance

Shares of NASDAQ CLOV traded down $0.11 during trading hours on Friday, reaching $2.78. 7,365,031 shares of the stock were exchanged, compared to its average volume of 9,572,125. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of -55.60 and a beta of 1.91. Clover Health Investments, Corp. has a 52 week low of $1.50 and a 52 week high of $4.87. The stock's fifty day simple moving average is $2.97 and its 200 day simple moving average is $3.54.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.12. Clover Health Investments had a negative return on equity of 7.42% and a negative net margin of 1.69%. The firm had revenue of $462.33 million for the quarter, compared to the consensus estimate of $466.93 million. Research analysts predict that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Clover Health Investments Profile

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.