Conrad Wai Sells 300,000 Shares of Clover Health Investments (NASDAQ:CLOV) Stock

Clover Health Investments, Corp. (NASDAQ:CLOV) CEO Conrad Wai sold 300,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $4.72, for a total transaction of $1,416,000.00. Following the sale, the chief executive officer owned 1,170,056 shares of the company’s stock, valued at $5,522,664.32. This represents a 20.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Clover Health Investments Price Performance

Shares of Clover Health Investments stock traded down $0.10 during trading hours on Wednesday, hitting $4.56. The company had a trading volume of 3,840,592 shares, compared to its average volume of 6,140,818. The company’s 50-day moving average is $4.42 and its two-hundred day moving average is $3.59. Clover Health Investments, Corp. has a twelve month low of $1.58 and a twelve month high of $5.59. The company has a market cap of $2.42 billion, a P/E ratio of -91.18 and a beta of 2.47.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. The firm had revenue of $743.17 million for the quarter, compared to analyst estimates of $728.27 million. Sell-side analysts expect that Clover Health Investments, Corp. will post 0.06 EPS for the current year.

Institutional Investors Weigh In On Clover Health Investments

A number of institutional investors and hedge funds have recently made changes to their positions in CLOV. ProShare Advisors LLC boosted its stake in shares of Clover Health Investments by 8.2% during the fourth quarter. ProShare Advisors LLC now owns 74,700 shares of the company’s stock worth $176,000 after buying an additional 5,660 shares during the period. Kestra Private Wealth Services LLC increased its position in Clover Health Investments by 44.1% in the 1st quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company’s stock valued at $43,000 after acquiring an additional 7,500 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Clover Health Investments in the 2nd quarter valued at about $42,000. Nykredit A S purchased a new stake in Clover Health Investments during the 2nd quarter valued at approximately $45,000. Finally, USAdvisors Wealth Management LLC raised its stake in Clover Health Investments by 40.0% during the 1st quarter. USAdvisors Wealth Management LLC now owns 35,000 shares of the company’s stock valued at $60,000 after acquiring an additional 10,000 shares during the last quarter. 19.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CLOV. Zacks Research raised Clover Health Investments to a “hold” rating in a report on Monday. UBS Group raised their price target on Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Canaccord Genuity Group raised their price target on Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Wall Street Zen lowered Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Clover Health Investments in a report on Thursday, September 10th. They issued a “buy” rating and a $6.00 price objective for the company. Two equities 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 data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.75.

About Clover Health Investments

Clover Health Investments, Inc is a healthcare technology and insurance company focused on providing Medicare Advantage plans to eligible Medicare beneficiaries. Its insurance business offers medical coverage and related healthcare benefits through plans available in select counties across the United States.

The company also develops and uses Clover Assistant, a technology platform designed to support physicians with patient information, clinical insights, care recommendations and tools intended to help improve healthcare outcomes.