Key Points
- Clover Health CEO Conrad Wai sold 220,426 shares on May 28 at an average price of $3.99, totaling about $879,500. The sale reduced his stake by 13.69% and was made under a pre-arranged Rule 10b5-1 plan.
- Clover Health last reported quarterly earnings of $0.05 EPS, missing analyst estimates, though revenue of $749.19 million came in above expectations. The company also posted a negative net margin and return on equity.
- Analyst sentiment remains cautious, with a consensus rating of “Hold” and an average price target of $2.90. Shares recently traded near $4.18, close to their 52-week high of $4.23.
Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) CEO Conrad Wai sold 220,426 shares of the company's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $3.99, for a total transaction of $879,499.74. Following the sale, the chief executive officer 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Clover Health Investments Stock Performance
Shares of Clover Health Investments stock opened at $4.18 on Friday. The firm has a fifty day moving average of $2.53 and a two-hundred day moving average of $2.42. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -34.83 and a beta of 2.44. Clover Health Investments, Corp. has a 52 week low of $1.58 and a 52 week high of $4.23.
Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). The business had revenue of $749.19 million for the quarter, compared to the consensus estimate of $714.89 million. Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%. As a group, research analysts forecast that Clover Health Investments, Corp. will post -0.02 EPS for the current fiscal year.
Analysts Set New Price Targets
CLOV has been the topic of a number of analyst reports. Canaccord Genuity Group cut their price target on shares of Clover Health Investments from $3.70 to $3.20 and set a "buy" rating on the stock in a research report on Friday, March 20th. Wall Street Zen upgraded shares of Clover Health Investments from a "sell" rating to a "hold" rating in a research report on Sunday, February 15th. Leerink Partners cut their price target on shares of Clover Health Investments from $3.00 to $2.50 and set a "market perform" rating on the stock in a research report on Thursday, March 5th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Clover Health Investments in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $2.90.
Read Our Latest Stock Analysis on Clover Health Investments
Institutional Trading of Clover Health Investments
Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Clover Health Investments by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company's stock worth $55,192,000 after buying an additional 425,904 shares during the period. Geode Capital Management LLC raised its stake in Clover Health Investments by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 9,791,208 shares of the company's stock worth $23,013,000 after buying an additional 70,801 shares during the period. State Street Corp raised its stake in Clover Health Investments by 4.1% during the 4th quarter. State Street Corp now owns 9,320,183 shares of the company's stock worth $21,902,000 after buying an additional 368,507 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Clover Health Investments by 9.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,690,904 shares of the company's stock worth $11,024,000 after buying an additional 419,389 shares during the period. Finally, Bank of America Corp DE raised its stake in Clover Health Investments by 217.5% during the 2nd quarter. Bank of America Corp DE now owns 4,012,744 shares of the company's stock worth $11,196,000 after buying an additional 2,748,783 shares during the period. Institutional investors and hedge funds own 19.77% of the company's stock.
Clover Health Investments Company Profile
(
Get Free Report)
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.
Further Reading
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