Insider Selling: Clover Health Investments (NASDAQ:CLOV) Insider Sells $68,669.64 in Stock

Clover Health Investments, Corp. (NASDAQ:CLOV) insider Karen Soares sold 14,673 shares of Clover Health Investments stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $4.68, for a total transaction of $68,669.64. Following the completion of the transaction, the insider directly owned 1,592,698 shares in the company, valued at $7,453,826.64. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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.

Karen Soares also recently made the following trade(s):

• On Tuesday, October 20th, Karen Soares sold 19,275 shares of Clover Health Investments stock. The shares were sold at an average price of $4.66, for a total transaction of $89,821.50.
• On Tuesday, September 15th, Karen Soares sold 6,846 shares of Clover Health Investments stock. The stock was sold at an average price of $4.78, for a total transaction of $32,723.88.

Clover Health Investments Price Performance

Shares of NASDAQ:CLOV opened at $4.78 on Thursday. Clover Health Investments, Corp. has a 1-year low of $1.58 and a 1-year high of $5.59. The stock has a market cap of $2.54 billion, a P/E ratio of -95.58 and a beta of 2.45. The firm has a fifty day moving average price of $4.46 and a 200 day moving average price of $4.07.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The company 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%. Sell-side analysts expect that Clover Health Investments, Corp. will post 0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Clover Health Investments

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLOV. Bank of New York Mellon Corp purchased a new position in shares of Clover Health Investments during the 2nd quarter worth approximately $6,346,000. Tidal Investments LLC acquired a new stake in shares of Clover Health Investments in the 2nd quarter valued at approximately $2,156,000. WINTON GROUP Ltd purchased a new stake in shares of Clover Health Investments in the second quarter valued at approximately $913,000. California State Teachers Retirement System boosted its stake in shares of Clover Health Investments by 24.1% in the first quarter. California State Teachers Retirement System now owns 497,006 shares of the company’s stock valued at $875,000 after buying an additional 96,458 shares in the last quarter. Finally, AXQ Capital LP boosted its stake in shares of Clover Health Investments by 602.6% in the second quarter. AXQ Capital LP now owns 146,569 shares of the company’s stock valued at $768,000 after buying an additional 125,708 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CLOV shares. Deutsche Bank Aktiengesellschaft assumed coverage on Clover Health Investments in a report on Thursday, September 10th. They set a “buy” rating and a $6.00 price target on the stock. Canaccord Genuity Group boosted their price target on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research note on Monday, September 21st. Wall Street Zen downgraded Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 16th. Finally, Zacks Research raised Clover Health Investments to a “hold” rating in a research report on Monday, September 14th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target 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.