NeueHealth, Inc. (NYSE:NEUE) announced that Jeffrey J. Scherman, the company's Chief Accounting Officer, has sold 568 shares of common stock at an average price of $7.27 per share, totaling approximately $4,129. The transactions occurred on March 18, 2024, and were disclosed in a recent filing with the Securities and Exchange Commission.
The sale was executed in multiple transactions with prices ranging from $7.16 to $7.39 per share. It's noteworthy that these shares were sold by Scherman to satisfy tax withholding obligations related to the vesting of restricted stock units. This indicates that the sale was not a discretionary transaction by the reporting person.
Following the sale, Scherman retains ownership of 3,440 shares of NeueHealth, Inc. The company, formerly known as Bright Health Group Inc (NYSE:NEUE)., operates within the hospital and medical service plans industry and is incorporated in Delaware.
Investors and stakeholders often monitor insider transactions as they can provide insights into an executive's view of the company's stock value and financial health. The recent transaction by Scherman is a routine sale related to tax obligations, which is a common practice among corporate executives.
NeueHealth, Inc. has not made any further comments regarding the transaction. Interested parties, including shareholders and the SEC, can request detailed information about the individual prices at which the shares were sold within the reported range.
InvestingPro Insights
As NeueHealth, Inc. (NYSE:NEUE) navigates through a challenging period, the recent insider transaction may draw attention to the company's financial health and future prospects. According to InvestingPro data, the company's market capitalization stands at a modest $55.99 million, reflecting a smaller player within the industry. Investors should note that the company's revenue has experienced a significant decline over the last twelve months, with a decrease of approximately 51.87%. This aligns with the InvestingPro Tip that analysts anticipate a sales decline in the current year, which could be a point of concern for potential investors.
Moreover, the stock has demonstrated high price volatility, as indicated by the 34.65% return over the last three months, coupled with a notable 17.87% decrease in the past month. The price volatility is further underscored by the company's P/E Ratio (Adjusted) for the last twelve months as of Q4 2023, which is listed at -0.14, suggesting that the market has concerns about profitability. This is consistent with another InvestingPro Tip highlighting that the company is not expected to be profitable this year.
For those considering an investment in NeueHealth, Inc., it's worth exploring the comprehensive list of InvestingPro Tips available on InvestingPro. There are additional insights that could further inform investment decisions. Interested readers can take advantage of a special offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With this offer, investors can access a total of 11 InvestingPro Tips for NeueHealth, Inc., providing a deeper understanding of the company's financial position and market performance.
The next earnings date is set for May 3, 2024, which may offer further clarity on the company's trajectory and whether the current trends will persist. Until then, investors may wish to closely monitor the company's performance metrics and insider transactions for additional insights into the company's direction.
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