Agilon Health Inc – (AGL, -1, May 31st) 

Michael Smith (Director since 2017; Co-founder Cardinal Equity Fund, former CFO Anthem) sold 145,874 shares on May 25th at $19.53, cutting his holdings in half to 163,118 shares. This is Smtih’s first sale in the shares, and it is concerning to see him abruptly sell half his shares below the company’s April 2021 IPO price of $23. We ranked this stock -N on March 17th based on sales from Benjamin Shaker (Chief Markets Officer, joined 2017) and John Wulf (Director since 2017). Since that downgrade, Shaker has made additional sales as have two other key executives.

We are downgrading the stock further, from -N to -1.

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