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Clover Health Investments, Corp. (NASDAQ:CLOV) shares are trading higher Friday after a company co-founder purchased more than $1 million worth of shares.
The Details:
Clover Health filed a Form 4 with the SEC showing that co-founder and executive chair Vivek Garipalli purchased 877,567 shares of Clover Health stock at an average price of $1.14 per share.
Previously, Clover Health director Anna Loengard acquired a total of 27,085 shares at an average price of $0.94 at the end of May following better-than-expected first-quarter financial results.
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The company announced in May that its clinical decision support tool, Clover Assistant, is now generally available for external payors and providers under the brand name Counterpart Assistant through its subsidiary, Counterpart Health.
Clover Health shares are climbing on heavy trading volume following the insider buy. According to data from Benzinga Pro, more than 10.8 million shares have already been traded in Friday's session, compared to the stock’s 100-day average of 6.811 million shares.
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.
Shares of Clover Health Investments have increased by 51.83% in the past year. An investor who bought shares of Clover Health Investments at the beginning of the year would make a profit of $0.39 per share if they sold it today. The stock has risen 36.07% over the past month, meaning an investor who bought shares on May 1 would see a capital gain of $0.70.
Clover Health Investments shares have an all-time high of $13.83, representing 927.49% upside from current levels.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Clover Health Investments stock currently has an RSI of 40.34, indicating neutral conditions.
For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.
CLOV Price Action: According to Benzinga Pro, Clover Health Investments shares are up 32% at $1.36 at the time of publication Friday.
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Posted In: CLOV
