Chelsea Clinton, a director at Clover Health, bought $252,530 of the embattled shares.
Dimitrios Kambouris/Getty Images
Clover Health Investments stock has tumbled this year. Director Chelsea Clinton bought up a large block of shares of the digital-first Medicare Advantage insurer.
Clover Health (ticker: CLOV) stock has dropped 41% so far this year, compared with a 9.2% slip in the S&P 500 index.
Clinton paid $252,530 on March 3 for 100,000 Clover Health shares, a per-share average price of $2.53, according to a form she filed with the Securities and Exchange Commission. Shares acquired now represent her stock holdings in the company.
Clinton has been a Clover Health director since 2017. The company went public last year through a merger with a special-purpose acquisition company.
Clover Health and The Clinton Foundation, which Clinton serves as vice chair, didn’t immediately respond to requests to make Clinton available for comment.
Near the end of February, Clover reported strong top-line growth in the fourth quarter. Shares rose following the report, but a small rally waned in the subsequent days.
J.P. Morgan analyst Lisa C. Gill wrote in a research report that the fourth-quarter results were solid. She rates the stock Underweight.
“Although we’re incrementally positive on the quarter and guidance, we remain cautious on direct contracting (DC) policy risk and uncertainty over potential changes to the program given that DC represents about 2/3 of Clover Health’s 2022 revenue,” Gill wrote.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
Source: finance.yahoo.com