Why Did Chelsea Clinton Buy Shares Of This Healthcare Company?

Clover Health Investments Corp CLOV shares are surging Monday following insider buying from a prominent public figure.

What Happened: According to a Form 4 filing with the SEC, Chelsea Clinton, daughter of former President Bill Clinton and former Presidential candidate Hilary Clinton, purchased 100,000 shares of the health tech company on March 3. She made the purchase around $2.53 per share, making the investment worth more than $250,000.

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Clinton has served as a member of Clover Health's board since 2017, but this transaction marks the first insider buy from the former president's daughter.

Clover Health shares traded significantly higher last week after the company said fourth-quarter revenue increased 160% year-over-year to $432 million. Clover also reported a quarterly net loss of $187.2 million, which was down from a loss of $136.4 million in the fourth quarter of 2020.

Clover Health went public via SPAC at the beginning of 2021. The healthcare company uses a proprietary technology platform to collect, structure and analyze health and behavioral data in order to improve medical outcomes and lower costs for patients.

CLOV Price Action: Clover Health has traded as low as $1.95 and as high as $28.85 over a 52-week period.

The stock was up 26.3% at $2.77 at the time of publication.