Clover Health Investments (NASDAQ:CLOV) Insider Sells 14,673 Shares of Company Stock

Key Points

• Insider sale: Karen Soares sold 14,673 Clover Health shares for approximately $68,670 at an average price of $4.68, reducing her holdings by 0.91%. The sale was conducted under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards.
• Stock and financial performance: CLOV traded down 0.9% to $4.44, with a market capitalization of about $2.36 billion. Its latest quarterly results exceeded expectations, with earnings of $0.05 per share versus the $0.04 consensus and revenue of $743.17 million.
• Analyst outlook: Analysts have a consensus “Hold” rating and an average price target of $4.75, with two Buy, three Hold, and one Sell rating. Institutional investors own approximately 19.77% of the company.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) insider Karen Soares sold 14,673 shares of the stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $4.68, for a total transaction of $68,669.64. Following the transaction, the insider owned 1,592,698 shares in the company, valued at approximately $7,453,826.64. This trade represents a 0.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Karen Soares also recently made the following trade(s):

• On Tuesday, September 15th, Karen Soares sold 6,846 shares of Clover Health Investments stock. The stock was sold at an average price of $4.78, for a total transaction of $32,723.88.

Clover Health Investments Trading Down 0.9%

NASDAQ:CLOV traded down $0.04 during trading hours on Monday, reaching $4.44. The company had a trading volume of 3,806,472 shares, compared to its average volume of 5,925,725. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of -88.78 and a beta of 2.45. The firm's 50 day moving average price is $4.45 and its 200-day moving average price is $4.01. Clover Health Investments, Corp. has a 52 week low of $1.58 and a 52 week high of $5.59.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $743.17 million for the quarter, compared to analysts' expectations of $728.27 million. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%. On average, analysts forecast that Clover Health Investments, Corp. will post 0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CLOV. Kestra Private Wealth Services LLC grew its position in shares of Clover Health Investments by 44.1% during the 1st quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company's stock valued at $43,000 after acquiring an additional 7,500 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Clover Health Investments in the 2nd quarter worth $42,000. Nykredit A S bought a new position in Clover Health Investments in the 2nd quarter worth $45,000. USAdvisors Wealth Management LLC raised its holdings in Clover Health Investments by 40.0% in the 1st quarter. USAdvisors Wealth Management LLC now owns 35,000 shares of the company's stock worth $60,000 after purchasing an additional 10,000 shares during the period. Finally, Ballew Advisors Inc bought a new position in Clover Health Investments in the 3rd quarter worth $44,000. Hedge funds and other institutional investors own 19.77% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Canaccord Genuity Group upped their price objective on Clover Health Investments from $4.20 to $5.50 and gave the company a "buy" rating in a research report on Tuesday, July 21st. UBS Group boosted their price target on Clover Health Investments from $4.75 to $5.00 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Zacks Research upgraded Clover Health Investments to a "hold" rating in a research note on Monday, September 14th. Wall Street Zen lowered shares of Clover Health Investments from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 16th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Clover Health Investments in a research note on Monday, September 21st. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $4.75.

Clover Health Investments Company Profile

Clover Health Investments, Corp. is a healthcare technology and Medicare Advantage company headquartered in Franklin, Tennessee. Through its insurance subsidiary, Clover Health Insurance Company, the company offers Medicare Advantage plans to eligible beneficiaries in select counties across the United States. Its plans are designed to provide coverage for hospital, medical and supplemental healthcare services through a managed-care structure.

Clover's technology platform, Clover Assistant, is intended to support physicians by organizing patient information, identifying potential care needs and helping providers coordinate treatment.

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