Key Points
- Insider sale: Karen Soares sold 14,673 Clover Health shares for approximately $68,670 at an average price of $4.68. The transaction occurred under a pre-arranged Rule 10b5-1 plan to cover tax obligations, reducing her stake by 0.91%.
- Stock and financial performance: CLOV opened at $4.44, with a market capitalization of approximately $2.36 billion. Its latest quarterly results exceeded analyst expectations, reporting EPS of $0.05 versus $0.04 expected and revenue of $743.17 million versus $728.27 million forecast.
- Analyst outlook: Analysts have a consensus “Hold” rating and an average price target of $4.75, with ratings ranging from Buy to Sell. Institutional investors own approximately 19.77% of the company, with several funds recently initiating or increasing positions.
Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) insider Karen Soares sold 14,673 shares of Clover Health Investments stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $4.68, for a total value of $68,669.64. Following the transaction, the insider directly owned 1,592,698 shares in the company, valued at approximately $7,453,826.64. This trade represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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.
Karen Soares also recently made the following trade(s):
- On Tuesday, September 15th, Karen Soares sold 6,846 shares of Clover Health Investments stock. The shares were sold at an average price of $4.78, for a total value of $32,723.88.
Clover Health Investments Trading Down 0.9%
Shares of NASDAQ CLOV opened at $4.44 on Tuesday. The stock has a market cap of $2.36 billion, a P/E ratio of -88.78 and a beta of 2.45. Clover Health Investments, Corp. has a twelve month low of $1.58 and a twelve month high of $5.59. The stock has a 50 day moving average of $4.45 and a two-hundred day moving average of $4.03.
Clover Health Investments (NASDAQ:CLOV - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. The business had revenue of $743.17 million for 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%. As a group, research analysts predict that Clover Health Investments, Corp. will post 0.06 earnings per share for the current year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new position in shares of Clover Health Investments in the second quarter valued at approximately $6,346,000. Tidal Investments LLC purchased a new stake in shares of Clover Health Investments during the second quarter worth approximately $2,156,000. WINTON GROUP Ltd acquired a new stake in shares of Clover Health Investments during the second quarter worth $913,000. California State Teachers Retirement System lifted its holdings in shares of 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 worth $875,000 after purchasing an additional 96,458 shares during the period. Finally, AXQ Capital LP lifted its holdings in shares of Clover Health Investments by 602.6% during 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 period. 19.77% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
CLOV has been the subject of a number of recent research reports. Zacks Research upgraded shares of Clover Health Investments to a "hold" rating in a research note on Monday, September 14th. Deutsche Bank Aktiengesellschaft began coverage on shares of Clover Health Investments in a research note on Thursday, September 10th. They issued a "buy" rating and a $6.00 price objective on the stock. Wall Street Zen cut shares of Clover Health Investments from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Clover Health Investments in a report on Monday, September 21st. Finally, UBS Group increased their target price on shares of Clover Health Investments from $4.75 to $5.00 and gave the stock a "neutral" rating in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $4.75.
Get Our Latest Research Report on CLOV
Clover Health Investments Company Profile
(
Get Free Report)
Clover Health Investments, Corp. is a healthcare technology and Medicare Advantage company headquartered in Franklin, Tennessee. Through its insurance subsidiary, Clover Health Insurance Company, the company offers Medicare Advantage plans to eligible beneficiaries in select counties across the United States. Its plans are designed to provide coverage for hospital, medical and supplemental healthcare services through a managed-care structure.
Clover's technology platform, Clover Assistant, is intended to support physicians by organizing patient information, identifying potential care needs and helping providers coordinate treatment.
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