Highlights from Clover Health’s QTR 1, 2022 Results published on 2022-May-09:
Clover Health had $722.8 million USD in Cash, cash equivalents and investments.
First quarter 2022 total revenue was $874.4 million, compared to $200.3 million in first quarter 2021.
Full-year 2022 revenue is expected to be $3.0 billion to $3.4 billion
Insurance Medical care Ratio (MCR) 96.4% - Non-Insurance (Direct Contracting) (MCR) 99.8%
Clover Health continues to expect 2022 Insurance MCR of 95% to 99%.
Loss from operations in first quarter 2022 was $87.3 million compared to $119.1 million in first quarter 2021.
Total Shares Outstanding are 471,468,963 and $CLOV price at market-close on 2022-Jun-13 was $2.05 (very close to its book value).
Clover Health’s current Market Cap is about $966.5 million. It had $722.8 million in cash on 2022-03-31.
Total revenue in the last Quarter was $874.4 million and full-year 2022 revenue is expected to be $3 billion to $3.4 billion!
Clover Health Investments Corp (A) is very likely to be added to the Russell 3000 and Russell 2000 indices; we will know for sure on 2022-06-27 when equity markets start trading with the reconstituted Russell indices.
Also, new CFO is due to join in August 2022 probably around Clover Health’s Quarter 2, 2022 Results.
Please note that this is NOT financial advice; do your own research before taking any action.
FHLC - Fidelity MSCI Health Care Index ETF had filed a previous NPORT-P on 2022-03-24 disclosing 141,904 shares of Clover Health Investments Corp Class A at a value of $366,112 USD as of 2022-01-31. This represents a change in shares of 3.50 percent and a change in value of 7.92 percent during the quarter.
Previously they had PUT Options on 259,800 underlying shares of Clover Health as of 2021-12-31.
I have a feeling many retail investors will be very happy to know that GO owned NO $CLOV shares, as of 2022-03-31.
WOW! Invesco Ltd. INCREASED from just 25,629 $CLOV shares to 230,587 shares during the quarter; they must be VERY CONFIDENT about their investment in Clover Health and its long term prospects – just like retail investors!
My Position: January 2023 Calls, Accumulating Shares - Current Average $3.27
Oh yes, a Clover DD. Or, my attempt at what DD should be that perhaps only moderately sucks. It only mentions Chamath one other time than this if that eases your smoothed-out brains (or triggers them). Brace yourself, I get all poetic license with punctuation. Or don’t, because you won’t read...either way.
To be clear, I wouldn’t make a bet based on what I say, but maybe some will find it useful/supplemental. I want to do more of these, so quick plug for the Pre-Market crew to host a DD How-To as they've mentioned, I'd be all over that.
From: a fellow smooth-brained operator that worked in the Managed Care space negotiating contracts as a provider, and has contracted with this company/has seen the tech.
Target Price – this could be variable, but I am targeting a share price of 1 P/S for 2022 Projected Sales (I estimate over $7 based on current guidance – which is over $3 billion in revs). Mostly because I am a moron and I don’t see how 1 * Sales isn’t a good price for this level of growth and I think they will hit their sales target (which I will say like 6 times). Maybe my fellow apes can assist with valuation. Discounted cashflows were not specifically calculated, but management did signal cash flow positive by year-end on the annual call. Their major established competitors are trading at over 1.20 sales to just over 2 P/S (UNH, ANTM, CI), with an exception for CNC. The idea is that as Clover closes the gap on cash flow positive, and posts the revenues it is expected to, it would trade closer to the ratio that its counterparts trade at. The competition outside of Centene has a roughly 1% dividend, but they also don’t have the same growth trajectory (though, United does seem to impress sometimes, mostly due to Optum in my experience). Variable target because cash flow could come sooner/later, or revs could take a different trajectory. I’d amend my target then. Next earnings 5/9/22.
The one other caveat to my target price is that I want to sell before the CEO dilutes with more shares. The only distribution was Q4 last year (at least, that is what I saw on SEC filings). With that said, depending on how the year goes, I will wait for Q4 this year to sell, and potentially buy on a dip/roll into January 2024 calls based on updated guidance on membership/revs throughout the year and after further dilution is absorbed after CEO/executive comp hits. According to the 1
... keep reading on reddit ➡Despite a paper loss of about -$948,000 USD they increased $CLOV shares by 6.77%. They had 87,365 Clover Health shares as of 2021-06-30.
This shit does not make any sense, we are up 8 % atm, while Oscr is down 2%?
Our market cap is now 1.3 and oscr i 1.0 even though they have alot higher revenue?
Something does not add up, and there is no news. Seems like clover still follows GME and AMC (meme stocks). Could it be all the naked shorting in Clover that they actually havent covered?
D. E. Shaw & Co. INCREASED their $CLOV shares by 3,349,803 shares or almost SIX and a HALF TIMES the number of shares they had in the previous quarter.
What a MASSIVE show of CONFIDENCE in the long term prospects of Clover Health, particularly as this investment was made in the last quarter – long BEFORE Clover Health’s Excellent QTR1 2022 Results were made public on May 9, 2022.
They must be very happy after reading those latest quarterly results!
Welcome Renaissance Technologies Llc to Clover Health. It is good to see so many NEW Institutional Investors have chosen to invest substantial amounts in Clover Health Investment Corp. at the end of last quarter.
Perceptive Advisors Llc were HOLDING SAME number of shares on 2022-03-31 that they were holding on 2021-12-31, despite a paper loss of about $12,875,000 USD. I suppose, they also believe in the long term prospects of Clover Health.
They have been holding STRONG SAME 1,500,000 Clover Health shares since 2021-03-31; they did not appear to sell when $CLOV traded at the intra-day All Time High of $28.85 on 2022-06-09 or at the intra-day All Time Low of $1.95 on 2022-02-23.
Another REAL Institutional Diamond Hands to match any Retail Diamond Hands, I would say!
XHS - SPDR(R) S&P(R) Health Care Services ETF increased $CLOV shares by 67,931 or 14.41% in the last quarter.
As of 2021-12-31, they had CALL options on 3,481,400 of underlying shares; they REDUCED that by -15.87% to CALL options on 2,928,800 of underlying shares as of 2021-03-31.
As of 2021-12-31, they had PUT options on 3,660,300 of underlying shares; they REDUCED that by -45.53% to PUT options on 1,993,600 of underlying shares as of 2021-03-31.
Their CALL to PUT Ratio is 1.47 to 1, and they also OWNED 7,314,662 shares valued at $25,967,000 USD as of 2022-03-31. They have an Overall Bullish position on $CLOV - I would say.
Vanguard Group Inc have INCREASED their holding by 200,177 Clover Health shares, during the last quarter.
Note: Any holdings by Vanguard Funds will not be double counted, if they are child funds of Vanguard Group Inc.
Whenever you are feeling bad about $CLOV price going down and down, ask yourself why these large financial institutions are BUYING Clover Health shares!
Remember, only those Managers of financial institutions who have discretion over at least $100 million USD investments are REQUIRED to file Form 13F, by the SEC.
So these institutions with access to extensive research and their vast experience of investing in many companies, must know something we don’t.
It appears that some people may not agree that Citadel were Bearish on 2022-03-31 - from the basic information available from screenshot in my other post about Jane Street Group, Llc, Citadel Advisors Llc and Millennium Management Llc. Therefore I have created this separate post about Citadel with more details.
Why I think that Citadel Advisors Llc were BEARISH on $CLOV as of 2022-03-31:
Citadel Advisors Llc REDUCED their holding by 1,646,667 shares or 45.88% during the last quarter.
On 2021-12-31 Citadel Advisors Llc had CALL Options on 861,900 of underlying shares. On 2022-03-31 they had CALL Options on 520,900 of underlying shares. A REDUCTION of -39.56% in CALL Options during the last quarter.
On 2021-12-31 Citadel Advisors Llc had PUT Options on 510,700 of underlying shares. On 2022-03-31 they had PUT Options on 1,651,700of underlying shares. An INCREASE of 223.42% in PUT Options during the last quarter.
Although they still owned 1,942,479 shares as of 2022-03-31, the fact that they increased PUTs by 223% and reduced CALLs by 40% suggests to me that they were BEARISH on $CLOV as of 2022-03-31. You may still not agree with my conclusion - that is fine.
Not financial advice. Do your own research.
They INCREASED their holding by 48,800 $CLOV shares during the last quarter. It shows that they continue to believe in Clover Health’s long-term prospects! Same as retail investors.
They started with 256.300 $CLOV shares as of 2021-06-30; their average price was $9.71 then
So, despite a paper loss of about $2,590,000 USD they were STILL HOLDING STRONG 703,300 $CLOV shares as of 2022-03-31.
ITOT - iShares Core S&P Total U.S. Stock Market ETF increased $CLOV shares slightly in the last quarter.
As this fund is listed as child fund of BlackRock Inc these positions will not be double counted when calculating total shares & total value.
As this fund is listed as child fund of Vanguard Group Inc these positions will not be double counted (shares & total value).
Estimated Average price paid $3.34 USD.
This represents a change in shares of 8.22 percent and a change in value of 3.52 percent during the quarter.
This fund is listed as child fund of Blackstone Group Inc - Not to be confused with BlackRock Group Inc.
This is a HUGE First-time investment by an Institutional Investor in Clover Health. Their (estimated) Average Price was $2.92 USD. I wouldn’t be surprised if they will continue to ADD more $CLOV shares, particularly after the EXCELLENT QTR1 Results!
Despite a paper loss of about $382,000 USD during the last quarter, they increased $CLOV shares by 10.21%.
Baillie Gifford & Co were HOLDING SAME number of shares on 2022-03-31 that they were holding on 2021-12-31, despite a drop in value of $1,324,000 USD during the last quarter.
Note that Sage Rhino Capital Llc were also HOLDING SAME number of shares that they were holding on 2021-12-31.
During last Quarter $CLOV price had gone down to $1.95 on 2022-02-23, but both these institutions and many others it seems, did NOT sell and appear to believe in the long term prospects of Clover Health – same as retail investors.
So State Street Corp INCREASED their holding by 142,690 $CLOV shares during the quarter; they must also be VERY CONFIDENT about their $6,861,000 USD investment in Clover Health and its long term prospects – just like retail investors!
Two Sigma Advisers, Lp started with just 37,900 Clover Health shares as of 2021-09-30. They INCREASED their $CLOV shares by 369,100 shares (almost 10 times their original investment) during the last quarter; they must be VERY CONFIDENT about their investment in Clover Health and its long term prospects – just like retail investors!
The list of NEW Institutional Investors in Clover Health Investment Corp. keeps growing.
Welcome State Of Wisconsin Investment Board to Clover Health; $CLOV Community hopes your investment in Clover Health will prove to be a very good investment in the not too distant future.
Hudson Structured Capital Management Ltd. INCREASED their holding by 482,139 $CLOV shares during the quarter; they must also be VERY CONFIDENT about their $7,008,000 USD investment in Clover Health and its long term prospects – just like retail investors!
IHF - iShares U.S. Healthcare Providers ETF increased $CLOV shares by 79,039 or 15.83% in the last quarter.
As this fund is listed as child fund of BlackRock Inc these positions will not be double counted when calculating total shares & total value.
Goldman Sachs Group Inc INCREASED their $CLOV shares by 797,158 shares or 56.85%, during the quarter.
