I bought CALM for $1.21 per share 19 years ago. Up about 4000% + dividends.
Management of this company is absolutely superior.
Longs explained as you requested.
See "Health Insurers Are the New 800-Pound Gorillas." under news.
1. Debt too high in an environment where interest rates likely to rise later this year.
2. Cash too low relative to business.
3. Debt covenants risks.
4. Questionable business model.