Clover Health trades higher on insider buying
Clover Health (CLOV) shares popped over 8% higher to $1.13 during Thursday’s after hours session following the release of an SEC filing which showed company co-founder Vivek Garipalli bought 877,567 shares of Clover Health stock at an average price of $1.14, for a total purchase of $1,000,426.38.
The shares were bought in multiple transactions at prices ranging from $1.08 to $1.17.
Insider buying is often viewed as a bullish indicator for a stock. When insiders such as executives or directors purchase shares in their own companies, it can signal their confidence in the company’s future prospects. This insider investment suggests that those with the most intimate knowledge of the company’s operations and market conditions anticipate positive performance, which can reassure and attract investors, potentially driving up the stock’s price. Such activities are closely watched by investors as they offer a glimpse into insider sentiment, which can be a valuable tool in decision-making.
The stock has a 52-week high of $1.63 and a 52-week low of $0.606.
