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

Clover Health Investments, Corp. (NASDAQ:CLOV) CEO Conrad Wai sold 23,627 shares of the company’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $4.68, for a total transaction of $110,574.36. Following the transaction, the chief executive officer owned 1,042,072 shares of the company’s stock, valued at $4,876,896.96. This represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 shares were sold at an average price of $4.72, for a total transaction of $1,416,000.00.

Clover Health Investments Stock Down 0.4%

Shares of NASDAQ CLOV opened at $4.78 on Thursday. The company’s 50-day simple moving average is $4.46 and its 200-day simple moving average is $4.07. Clover Health Investments, Corp. has a 52-week low of $1.58 and a 52-week high of $5.59. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of -95.58 and a beta of 2.45.

Clover Health Investments (NASDAQ:CLOV) last released its earnings results on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $743.17 million during the quarter, compared to analysts’ expectations of $728.27 million. Equities research analysts anticipate that Clover Health Investments, Corp. will post 0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Clover Health Investments

Several hedge funds and other institutional investors have recently modified their holdings of CLOV. Nisa Investment Advisors LLC boosted its position in Clover Health Investments by 223.4% during the third quarter. Nisa Investment Advisors LLC now owns 10,855 shares of the company’s stock worth $47,000 after acquiring an additional 7,498 shares during the last quarter. Ballew Advisors Inc purchased a new stake in Clover Health Investments during the 3rd quarter valued at about $44,000. Tidal Investments LLC acquired a new stake in Clover Health Investments in the 2nd quarter valued at about $2,156,000. WINTON GROUP Ltd acquired a new stake in Clover Health Investments in the 2nd quarter valued at about $913,000. Finally, Nykredit A S acquired a new stake in Clover Health Investments in the 2nd quarter valued at about $45,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CLOV shares. Canaccord Genuity Group boosted their price objective on Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. UBS Group increased their target price on Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a report on Thursday, August 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Monday, September 21st. Wall Street Zen downgraded Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Clover Health Investments in a research note on Thursday, September 10th. They issued a “buy” rating and a $6.00 price target on the stock. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $4.75.

Clover Health Investments Company Profile

Clover Health Investments, Corp. is a health insurance technology company focused on providing Medicare Advantage plans to eligible seniors in the United States. Its plans combine hospital, medical and prescription drug coverage with additional benefits that may vary by plan and location.

The company uses its Clover Assistant technology platform to provide physicians with data-driven insights intended to support clinical decision-making and care coordination. The platform aggregates member health information and helps participating providers identify care opportunities, manage chronic conditions and engage with patients.

Clover Health was founded in 2012 and became a publicly traded company in 2021 through a merger with a special purpose acquisition company.