Karen Soares Sells 6,846 Shares of Clover Health Investments (NASDAQ:CLOV) Stock

Clover Health Investments, Corp. (NASDAQ:CLOV) insider Karen Soares sold 6,846 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $4.78, for a total value of $32,723.88. Following the transaction, the insider directly owned 1,607,371 shares of the company’s stock, valued at approximately $7,683,233.38. The trade was a 0.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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.

Clover Health Investments Stock Performance

NASDAQ:CLOV traded down $0.44 during trading hours on Tuesday, reaching $4.66. The stock had a trading volume of 9,652,118 shares, compared to its average volume of 3,439,936. The stock has a market capitalization of $2.48 billion, a PE ratio of -93.18 and a beta of 2.47. Clover Health Investments, Corp. has a 52 week low of $1.58 and a 52 week high of $5.59. The company has a 50 day moving average price of $4.43 and a two-hundred day moving average price of $3.57.

Clover Health Investments (NASDAQ:CLOV) last posted its earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $743.17 million during the quarter, compared to analyst estimates of $728.27 million. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. Equities research analysts predict that Clover Health Investments, Corp. will post 0.06 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CLOV. UBS Group boosted their price objective on Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Wall Street Zen lowered Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 16th. Canaccord Genuity Group lifted their target price on Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a report on Tuesday, July 21st. 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 target price on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Two 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 MarketBeat, Clover Health Investments has a consensus rating of “Hold” and an average target price of $4.75.

Hedge Funds Weigh In On Clover Health Investments

Several hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp bought a new stake in shares of Clover Health Investments during the second quarter worth $6,346,000. Tidal Investments LLC purchased a new stake in shares of Clover Health Investments during the second quarter valued at $2,156,000. WINTON GROUP Ltd bought a new position in shares of Clover Health Investments in the second quarter worth about $913,000. California State Teachers Retirement System grew its holdings in shares of Clover Health Investments by 24.1% in the first 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. Finally, AXQ Capital LP grew its holdings in shares of Clover Health Investments by 602.6% in the second quarter. AXQ Capital LP now owns 146,569 shares of the company’s stock worth $768,000 after purchasing an additional 125,708 shares during the last quarter. Institutional investors own 19.77% of the company’s stock.

About Clover Health Investments

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.