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

Clover Health Investments, Corp. (NASDAQ:CLOV) CEO Conrad Wai sold 300,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 1,170,056 shares of the company’s stock, valued at $5,522,664.32. This trade represents a 20.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Clover Health Investments Trading Down 2.1%

Shares of Clover Health Investments stock opened at $4.56 on Thursday. The firm has a market capitalization of $2.42 billion, a PE ratio of -91.18 and a beta of 2.47. The firm’s 50 day moving average is $4.42 and its 200 day moving average is $3.60. Clover Health Investments, Corp. has a 1 year low of $1.58 and a 1 year high of $5.59.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings data 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. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. The business had revenue of $743.17 million during the quarter, compared to analysts’ expectations of $728.27 million. As a group, research analysts anticipate that Clover Health Investments, Corp. will post 0.06 earnings per share for the current year.

Hedge Funds Weigh In On Clover Health Investments

Several large investors have recently modified their holdings of CLOV. Public Employees Retirement System of Ohio bought a new stake in shares of Clover Health Investments in the second quarter worth $42,000. Nykredit A S bought a new position in Clover Health Investments during the 2nd quarter worth $45,000. WNY Asset Management LLC bought a new position in Clover Health Investments during the 2nd quarter worth $69,000. Ketron Financial acquired a new position in Clover Health Investments during the 4th quarter worth about $39,000. Finally, RFG Advisory LLC acquired a new position in Clover Health Investments during the 1st quarter worth about $35,000. Institutional investors own 19.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CLOV. Zacks Research raised Clover Health Investments to a “hold” rating in a report on Monday. Wall Street Zen cut Clover Health Investments from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 16th. UBS Group increased their target price on Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, August 6th. Canaccord Genuity Group lifted their price target on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Finally, Deutsche Bank Aktiengesellschaft began 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. 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price 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.