Clover Health Investments ( NASDAQ: CLOV ) extended recent gains to reach a new 52-week high on Wednesday as the health insurer’s co-founder and former CEO, Vivek Garipalli, declared the purchase of nearly $1M worth of company stock. According to SEC filings late Tuesday, Garipalli, who serves as CLOV’s executive chairperson, bought 531.7K of company shares at an average price of $1.
88 in a transaction worth $999.6K. Garipalli made the stock purchase on Friday, increasing his stake in Clover Health ( CLOV ) by ~61% to ~1.
4M shares. The transaction comes days after Clover Health ( CLOV ) reported better-than-expected financials for Q2 2024 and raised its full-year revenue outlook last week. The updated guidance also indicated a decline in the medical cost ratio, a key profitability metric in the industry.
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