Key Points
- Insider sale: Clover Health insider Karen Soares sold 4,681 shares on June 15 at an average price of $4.61, totaling about $21,579. The sale was made under a pre-arranged 10b5-1 plan to cover tax withholding from vested equity awards.
- Ownership impact was small: After the transaction, Soares still owned 1,567,741 shares, worth roughly $7.23 million. The sale represented only a 0.30% decrease in her holdings.
- Stock and fundamentals: CLOV opened at $4.94, near its 52-week high of $5.18, and the company recently reported Q1 revenue of $749.19 million, beating estimates. However, earnings missed expectations, and Wall Street’s overall rating remains Hold with an average target price of $3.82.
Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) insider Karen Soares sold 4,681 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $4.61, for a total transaction of $21,579.41. Following the completion of the sale, the insider directly owned 1,567,741 shares in the company, valued at approximately $7,227,286.01. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link. 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
Shares of CLOV stock opened at $4.94 on Wednesday. Clover Health Investments, Corp. has a 52 week low of $1.58 and a 52 week high of $5.18. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of -41.16 and a beta of 2.54. The company has a 50-day simple moving average of $3.18 and a 200 day simple moving average of $2.59.
Clover Health Investments (NASDAQ:CLOV - Get Free Report) 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). The firm had revenue of $749.19 million during the quarter, compared to analyst estimates of $714.89 million. Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%.
Institutional Trading of Clover Health Investments
Large investors have recently bought and sold shares of the company. California State Teachers Retirement System grew its stake in Clover Health Investments by 24.1% during the first quarter. California State Teachers Retirement System now owns 497,006 shares of the company's stock valued at $875,000 after acquiring an additional 96,458 shares in the last quarter. Lazard Asset Management LLC bought a new stake in Clover Health Investments in the first quarter valued at approximately $309,000. Sei Investments Co. boosted its position in Clover Health Investments by 109.7% during the 1st quarter. Sei Investments Co. now owns 88,701 shares of the company's stock valued at $156,000 after buying an additional 46,404 shares during the period. State of Wyoming lifted its holdings in Clover Health Investments by 21.3% in the first 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 period. Finally, R Squared Ltd bought a new stake in shares of Clover Health Investments in the 1st quarter worth approximately $66,000. 19.77% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the stock. UBS Group boosted their target price on shares of Clover Health Investments from $2.75 to $4.75 and gave the stock a "neutral" rating in a report on Thursday, June 11th. Canaccord Genuity Group upped their price objective on shares of Clover Health Investments from $3.20 to $4.20 and gave the stock a "buy" rating in a report on Thursday, June 4th. Leerink Partners decreased 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 research report on Thursday, March 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Clover Health Investments in a research report on Friday, March 27th. Finally, Wall Street Zen raised Clover Health Investments from a "hold" rating to a "buy" rating in a report on Saturday, June 6th. One analyst has 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, Clover Health Investments presently has an average rating of "Hold" and an average target price of $3.82.
Check Out Our Latest Report on Clover Health Investments
About Clover Health Investments
(
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.
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