Key Points
- Clover Health VP Joseph Frank Oldakowski sold 12,102 shares on June 16 at an average price of $4.86, totaling about $58,816. The sale was made under a pre-arranged Rule 10b5-1 plan and to cover tax withholding tied to equity award vesting.
- After the transaction, Oldakowski still owned 299,067 shares valued at roughly $1.45 million, which was a 3.89% reduction in his position.
- CLOV shares were down 2.8% in recent trading, while analysts remain mixed: the stock carries an overall Hold rating with an average price target of $3.82.
Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) VP Joseph Frank Oldakowski sold 12,102 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $4.86, for a total transaction of $58,815.72. Following the sale, the vice president directly owned 299,067 shares in the company, valued at approximately $1,453,465.62. This represents a 3.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 Trading Down 2.8%
NASDAQ:CLOV opened at $4.80 on Thursday. The company has a market cap of $2.53 billion, a PE ratio of -40.00 and a beta of 2.54. Clover Health Investments, Corp. has a twelve month low of $1.58 and a twelve month high of $5.18. The company's 50 day moving average is $3.24 and its two-hundred day moving average is $2.60.
Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.02). The company had revenue of $749.19 million for the quarter, compared to analysts' expectations of $714.89 million. Clover Health Investments had a negative return on equity of 16.52% and a negative net margin of 2.58%.
Institutional Trading of Clover Health Investments
Hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP boosted its holdings in Clover Health Investments by 218.9% during the third quarter. Allworth Financial LP now owns 9,509 shares of the company's stock worth $29,000 after buying an additional 6,527 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Clover Health Investments during the first quarter worth $37,000. Envestnet Asset Management Inc. purchased a new stake in Clover Health Investments during the second quarter worth $31,000. Abel Hall LLC purchased a new stake in Clover Health Investments during the fourth quarter worth $27,000. Finally, Quadrature Capital Ltd purchased a new stake in Clover Health Investments during the fourth quarter worth $29,000. 19.77% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several analysts have commented on CLOV shares. Canaccord Genuity Group lifted their price objective on shares of Clover Health Investments from $3.20 to $4.20 and gave the company a "buy" rating in a research note on Thursday, June 4th. Wall Street Zen upgraded shares of Clover Health Investments from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Clover Health Investments in a research note on Friday, March 27th. Leerink Partners decreased their price objective on shares of Clover Health Investments from $3.00 to $2.50 and set a "market perform" rating for the company in a research note on Thursday, March 5th. Finally, UBS Group lifted their price objective on shares of Clover Health Investments from $2.75 to $4.75 and gave the company a "neutral" rating in a research note on Thursday, June 11th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Clover Health Investments has an average rating of "Hold" and an average price target of $3.82.
Read Our Latest Stock Analysis on Clover Health Investments
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.
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