Insider Selling: Clover Health Investments (NASDAQ:CLOV) CEO Sells $110,574.36 in Stock

Key Points

• Clover Health CEO Conrad Wai sold 23,627 shares for $110,574 at an average price of $4.68, reducing his position by 2.22% to 1.04 million shares. The sale occurred under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards.
• CLOV shares fell 0.9% to $4.44, with the stock trading between a 12-month low of $1.58 and high of $5.59. The company recently beat quarterly earnings and revenue expectations.
• Analyst sentiment is mixed, with a consensus “Hold” rating and a $4.75 price target; institutional investors and hedge funds own approximately 19.77% of the company.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) CEO Conrad Wai sold 23,627 shares of Clover Health Investments stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $4.68, for a total value of $110,574.36. Following the completion of the transaction, the chief executive officer owned 1,042,072 shares of the company's stock, valued at approximately $4,876,896.96. This represents a 2.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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.

Conrad Wai also recently made the following trade(s):

• On Tuesday, September 15th, Conrad Wai sold 300,000 shares of Clover Health Investments stock. The stock was sold at an average price of $4.72, for a total value of $1,416,000.00.

Clover Health Investments Trading Down 0.9%

CLOV traded down $0.04 during trading on Monday, hitting $4.44. The company's stock had a trading volume of 3,806,472 shares, compared to its average volume of 5,925,725. Clover Health Investments, Corp. has a twelve month low of $1.58 and a twelve month high of $5.59. The business's fifty day simple moving average is $4.45 and its 200 day simple moving average is $4.01. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of -88.78 and a beta of 2.45.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Clover Health Investments in a report on Monday, September 21st. Canaccord Genuity Group lifted their target price on shares of Clover Health Investments from $4.20 to $5.50 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft began coverage on shares of Clover Health Investments in a research note on Thursday, September 10th. They set a "buy" rating and a $6.00 target price for the company. Zacks Research upgraded shares of Clover Health Investments to a "hold" rating in a research report on Monday, September 14th. Finally, UBS Group upped their price target on shares of Clover Health Investments from $4.75 to $5.00 and gave the stock a "neutral" rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Clover Health Investments presently has a consensus rating of "Hold" and a consensus price target of $4.75.

Institutional Trading of Clover Health Investments

Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new position in Clover Health Investments in the 2nd quarter valued at $6,346,000. California State Teachers Retirement System boosted its stake in Clover Health Investments by 24.1% during the 1st quarter. California State Teachers Retirement System now owns 497,006 shares of the company's stock worth $875,000 after purchasing an additional 96,458 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of Clover Health Investments during the second quarter worth $2,156,000. Turtle Creek Wealth Advisors LLC grew its holdings in shares of Clover Health Investments by 29.4% during the first quarter. Turtle Creek Wealth Advisors LLC now owns 220,000 shares of the company's stock worth $387,000 after buying an additional 50,000 shares in the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in shares of Clover Health Investments during the first quarter worth $309,000. 19.77% of the stock is owned by institutional investors and hedge funds.

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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