Clover Health Investments (NASDAQ:CLOV) Stock Price Down 6.5% Following Insider Selling

Key Points

• Clover Health shares fell 6.5% to about $4.77 after Vice President Joseph Frank Oldakowski sold 20,000 shares for $103,200, reducing his position by 6.69%.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating and a consensus price target of $4.75, though Deutsche Bank initiated coverage with a $6.00 target and “Buy” rating.
• Institutional ownership stands at 19.77%, with several large investors adding positions recently. In its latest quarter, Clover reported adjusted earnings of $0.05 per share and revenue of $743.17 million, both above analyst expectations.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s stock price traded down 6.5% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $4.70 and last traded at $4.7690. 1,612,354 shares changed hands during trading, a decline of 74% from the average session volume of 6,101,653 shares. The stock had previously closed at $5.10.

Specifically, VP Joseph Frank Oldakowski sold 20,000 shares of the firm's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $5.16, for a total transaction of $103,200.00. Following the completion of the sale, the vice president directly owned 279,067 shares of the company's stock, valued at $1,439,985.72. This trade represents a 6.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

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

Clover Health Investments Stock Performance

The stock has a market capitalization of $2.53 billion, a P/E ratio of -95.08 and a beta of 2.47. The stock has a 50-day simple moving average of $4.43 and a 200 day simple moving average of $3.57.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. The company had revenue of $743.17 million during the quarter, compared to the consensus estimate of $728.27 million. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System boosted its holdings in Clover Health Investments by 387.2% during the second quarter. California State Teachers Retirement System now owns 2,421,577 shares of the company's stock worth $12,689,000 after buying an additional 1,924,571 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Clover Health Investments in the 2nd quarter valued at about $6,346,000. Tidal Investments LLC acquired a new stake in shares of Clover Health Investments in the 2nd quarter valued at approximately $2,156,000. Lazard Asset Management LLC acquired a new stake in shares of Clover Health Investments in the 1st quarter valued at approximately $309,000. Finally, WINTON GROUP Ltd bought a new position in Clover Health Investments during the 2nd quarter worth approximately $913,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

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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