Conrad Wai Sells 300,000 Shares of Clover Health Investments (NASDAQ:CLOV) Stock

Key Points

• CEO Conrad Wai sold 300,000 Clover Health shares at an average price of $4.72, generating $1.416 million. The Rule 10b5-1 transaction reduced his direct holdings by 20.41% to 1.17 million shares.
• CLOV shares fell 2.1% to $4.56, though the stock remains above its 50-day and 200-day moving averages. The company recently exceeded quarterly earnings and revenue expectations, reporting $0.05 EPS and $743.17 million in revenue.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $4.75; institutional investors own approximately 19.77% of the company.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) CEO Conrad Wai sold 300,000 shares of the company's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $4.72, for a total transaction of $1,416,000.00. Following the completion of the sale, the chief executive officer directly owned 1,170,056 shares of the company's stock, valued at $5,522,664.32. This represents a 20.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Clover Health Investments Trading Down 2.1%

Clover Health Investments stock traded down $0.10 during midday trading on Wednesday, hitting $4.56. 3,840,592 shares of the stock were exchanged, compared to its average volume of 6,140,818. The stock's 50-day simple moving average is $4.42 and its 200 day simple moving average is $3.59. Clover Health Investments, Corp. has a fifty-two week low of $1.58 and a fifty-two week high of $5.59. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of -91.18 and a beta of 2.47.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last posted its 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. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. The company had revenue of $743.17 million for the quarter, compared to analyst estimates of $728.27 million. Equities analysts anticipate that Clover Health Investments, Corp. will post 0.06 EPS for the current fiscal year.

Institutional Trading of Clover Health Investments

Institutional investors have recently added to or reduced their stakes in the stock. ProShare Advisors LLC grew its stake in shares of Clover Health Investments by 8.2% during the fourth 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. Kestra Private Wealth Services LLC raised its stake in Clover Health Investments by 44.1% in the first quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company's stock valued at $43,000 after buying an additional 7,500 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Clover Health Investments during the 2nd quarter worth about $42,000. Nykredit A S acquired a new position in shares of Clover Health Investments during the 2nd quarter worth about $45,000. Finally, USAdvisors Wealth Management LLC boosted its position in shares of Clover Health Investments by 40.0% during the 1st quarter. USAdvisors Wealth Management LLC now owns 35,000 shares of the company's stock worth $60,000 after acquiring an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Clover Health Investments in a research note on Wednesday, June 24th. Zacks Research upgraded Clover Health Investments to a "hold" rating in a report on Monday. Deutsche Bank Aktiengesellschaft began coverage on Clover Health Investments in a research report on Thursday, September 10th. They set a "buy" rating and a $6.00 price objective for the company. Canaccord Genuity Group boosted their price objective on shares of Clover Health Investments from $4.20 to $5.50 and gave the company a "buy" rating in a report on Tuesday, July 21st. Finally, Wall Street Zen cut shares of Clover Health Investments from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 16th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Clover Health Investments has a consensus rating of "Hold" and an average target price of $4.75.

Clover Health Investments Company Profile

Clover Health Investments, Inc is a healthcare technology and insurance company focused on providing Medicare Advantage plans to eligible Medicare beneficiaries. Its insurance business offers medical coverage and related healthcare benefits through plans available in select counties across the United States.

The company also develops and uses Clover Assistant, a technology platform designed to support physicians with patient information, clinical insights, care recommendations and tools intended to help improve healthcare outcomes.

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