# Clover Health Investments, Corp. (CLOV)

> Source: Nexqual · https://nexqual.com/CLOV · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Clover Health Investments, Corp. (CLOV), nexqual.com/CLOV" · informational, not investment advice.

**Price:** USD 4.73 (-1.05% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 4.78 · day 4.64–4.8 · 52w 1.58–5.59 · market cap $2.51B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.48B, net income -$18.4M (-0.7% margin), free cash flow $74.2M (SEC filings).
- Insider open-market sales, last ~7 months: 36 Form 4 filings, $8.3M; 3 not under a Rule 10b5-1 plan ($678K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (4 analysts), mean target USD 5.38 (range 5–6).
- Total return with dividends: 1Y +47.8% vs S&P 500 +14.9%; 5Y -36.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.01, revenue estimate $738M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.10B | $1.26B | $1.37B | $1.92B | $2.48B |
| Gross profit | -$79.2M | $22.7M | $257M | — | — | — |
| Operating income | -$637M | -$287M | -$205M | -$45.7M | -$85.5M | -$18.4M |
| Net income | -$588M | -$340M | -$213M | -$43.0M | -$85.5M | -$18.4M |
| EPS (diluted) | -$1.42 | -$0.71 | -$0.44 | — | — | — |
| Free cash flow | -$283M | -$208M | -$145M | $33.3M | -$69.0M | $74.2M |
| Gross margin | -5.4% | 2.1% | 20.4% | — | — | — |
| Operating margin | -43.3% | -26.1% | -16.3% | -3.3% | -4.4% | -0.7% |
| Net margin | -39.9% | -31.0% | -16.9% | -3.1% | -4.4% | -0.7% |
| Revenue growth | +118.8% | -25.5% | +15.0% | +8.8% | +40.3% | — |
| Cash + short-term investments | $321M | $293M | $224M | $222M | $101M | — |
| Total debt | $20.0M | $0K | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.0x · P/FCF 33.9x · P/B 6.7x · FCF yield 2.95% · Earnings yield -0.73% · Buyback yield (TTM) 0.00%

## Insider sales (SEC Form 4, open-market, last ~7 months)
33 of 36 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20 | Soares Karen | Chief Legal Officer | 19,275 | $90K | 1.2% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-19 | Reynoso Jamie L. | CEO, Medicare Advantage | 4,066 | $18K | 0.1% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-15 | Toy Andrew | Chief Executive Officer | 62,176 | $291K | 0.7% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-10-15 | Soares Karen | Chief Legal Officer | 14,673 | $69K | 0.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-15 | Thornton Joseph Clay | Interim CFO | 4,591 | $21K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-10-15 | Wai Conrad | CEO, Counterpart Health | 23,627 | $111K | 1.1% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-15 | Reynoso Jamie L. | CEO, Medicare Advantage | 18,273 | $86K | 0.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-07 | Reynoso Jamie L. | CEO, Medicare Advantage | 2,006 | $9K | 0.1% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-05 | Reynoso Jamie L. | CEO, Medicare Advantage | 8,750 | $39K | 0.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-01 | Toy Andrew | Chief Executive Officer | 318,806 | $1.3M | 3.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-17 | Reynoso Jamie L. | CEO, Medicare Advantage | 1,921 | $9K | 0.1% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-16 | Oldakowski Joseph Frank | VP OF FINANCE AND CONTROLLER | 3,170 | $15K | 1.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-15 | Wai Conrad | CEO, Counterpart Health | 300,000 | $1.4M | 11.8% | Yes (adopted June 8, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-15 | Soares Karen | Chief Legal Officer | 6,846 | $33K | 0.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-15 | Reynoso Jamie L. | CEO, Medicare Advantage | 9,273 | $44K | 0.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-14 | Oldakowski Joseph Frank | VP OF FINANCE AND CONTROLLER | 20,000 | $103K | 6.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Thornton Joseph Clay | Interim CFO | 17,775 | $78K | 1.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-10 | Toy Andrew | Chief Executive Officer | 87,798 | $408K | 0.9% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-20 | Soares Karen | Chief Legal Officer | 51,700 | $233K | 3.3% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-17 | Reynoso Jamie L. | CEO, Medicare Advantage | 4,839 | $22K | 0.2% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 4 analysts; mean target USD 5.38 (low 5, high 6).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | UBS | Target raised | Neutral | $4.75 → $5 |
| 2026-07-21 | Canaccord Genuity | Target raised | Buy | $4.2 → $5.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +47.8% | -36.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +48.0% | -8.8% |
| Volatility (annualized) | 63.9% | 74.4% |
| Max drawdown | -55.5% (Oct 2025→Apr 2026) | -91.9% (Nov 2021→Apr 2024) |

## Peers (Healthcare Plans)
PGNY (Progyny, Inc.) USD 29.12 +2.39% · ALHC (Alignment Healthcare, Inc.) USD 8.43 -0.12% · OSCR (Oscar Health, Inc.) USD 33.32 -0.39% · MOH (Molina Healthcare Inc) USD 216.64 +0.81% · CNC (Centene Corporation) USD 71.24 +1.42% · HUM (Humana Inc.) USD 420.97 -1.05%

## More
Full page: https://nexqual.com/CLOV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CLOV's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1801170/000180117026000057/clov-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Amazon (AMZN) | "We rely on cloud service providers, such as Amazon Web Services and Google Cloud, to provide the cloud computing infrastructure that we use to host our platform, products, and many of the internal tools we use to operate…" |
| Supplier | Alphabet (Google) (GOOGL) | "We rely on cloud service providers, such as Amazon Web Services and Google Cloud, to provide the cloud computing infrastructure that we use to host our platform, products, and many of the internal tools we use to operate…" |
| Customer | Counterpart Health | "While we believe that our risk adjustment data collection efforts and relationships with providers, including those related to Clover Assistant, comply with applicable laws, we and our Counterpart Health customers are an…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.01 | $0.00 | — | $738.2M | 1 |
| Next quarter (ends 2026-12-31) | $-0.02 | $-0.04 | -50.0% | $723.5M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.14 | $0.09 | +55.6% | $2.95B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.15 | $0.10 | +50.0% | $3.53B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±12.1%; earnings reaction alone ±7.7%; last 8 reports averaged ±10.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 54.8% | ±7.6% |
| 2026-11-06 | 14 | 71.5% | ±12.1% |
| 2026-11-13 | 21 | 78.4% | ±15.6% |
| 2026-11-20 | 28 | 73.1% | ±16.7% |
| 2026-11-27 | 35 | 73.6% | ±18.6% |
| 2026-12-04 | 42 | 73.6% | ±20.2% |
| 2026-12-18 | 56 | 60.9% | ±19.5% |
| 2027-01-15 | 84 | 60.7% | ±23.2% |