Clover Health Investments (NASDAQ:CLOV) CEO Sells $879,499.74 in Stock

Clover Health Investments, Corp. (NASDAQ:CLOV) CEO Conrad Wai sold 220,426 shares of Clover Health Investments stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $3.99, for a total transaction of $879,499.74. Following the completion of the transaction, the chief executive officer directly owned 1,390,056 shares of the company’s stock, valued at $5,546,323.44. The trade was a 13.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Clover Health Investments Stock Down 4.8%

Shares of NASDAQ:CLOV opened at $3.98 on Friday. Clover Health Investments, Corp. has a 52 week low of $1.58 and a 52 week high of $4.23. The stock has a market capitalization of $2.10 billion, a P/E ratio of -33.16 and a beta of 2.44. The firm has a fifty day simple moving average of $2.57 and a two-hundred day simple moving average of $2.43.

Clover Health Investments (NASDAQ:CLOV) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). Clover Health Investments had a negative return on equity of 16.52% and a negative net margin of 2.58%.The business had revenue of $749.19 million during the quarter, compared to analysts’ expectations of $714.89 million. On average, analysts expect that Clover Health Investments, Corp. will post -0.02 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System grew its position in shares of Clover Health Investments by 24.1% in the 1st quarter. California State Teachers Retirement System now owns 497,006 shares of the company’s stock worth $875,000 after buying an additional 96,458 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of Clover Health Investments in the 1st quarter worth approximately $309,000. Sei Investments Co. grew its position in shares of Clover Health Investments by 109.7% in the 1st quarter. Sei Investments Co. now owns 88,701 shares of the company’s stock worth $156,000 after buying an additional 46,404 shares during the last quarter. State of Wyoming grew its position in shares of Clover Health Investments by 21.3% in the 1st quarter. State of Wyoming now owns 93,213 shares of the company’s stock worth $164,000 after buying an additional 16,352 shares during the last quarter. Finally, R Squared Ltd purchased a new position in shares of Clover Health Investments in the 1st quarter worth approximately $66,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Analysts Set New Price Targets

CLOV has been the subject of several analyst reports. Leerink Partners lowered their target price on shares of Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a report on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a report on Friday, March 27th. Wall Street Zen upgraded shares of Clover Health Investments from a “sell” rating to a “hold” rating in a report on Sunday, February 15th. Finally, Canaccord Genuity Group reduced their price target on shares of Clover Health Investments from $3.70 to $3.20 and set a “buy” rating for the company in a report on Friday, March 20th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2.90.

Clover Health Investments Company Profile

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.