Clover Health Investments (NASDAQ:CLOV) CEO Andrew Toy Sells 313,476 Shares

Clover Health Investments, Corp. (NASDAQ:CLOV) CEO Andrew Toy sold 313,476 shares of Clover Health Investments stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $5.32, for a total transaction of $1,667,692.32. Following the completion of the sale, the chief executive officer directly owned 9,609,825 shares of the company’s stock, valued at approximately $51,124,269. The trade was a 3.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Clover Health Investments Stock Up 2.9%

CLOV traded up $0.15 during trading on Wednesday, hitting $5.39. 7,993,404 shares of the company’s stock were exchanged, compared to its average volume of 6,833,878. The business’s 50 day moving average is $3.80 and its two-hundred day moving average is $2.77. Clover Health Investments, Corp. has a fifty-two week low of $1.58 and a fifty-two week high of $5.59. The stock has a market cap of $2.84 billion, a P/E ratio of -44.91 and a beta of 2.54.

Clover Health Investments (NASDAQ:CLOV) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The business had revenue of $749.19 million for the quarter, compared to analyst estimates of $714.89 million. Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CLOV shares. UBS Group lifted their price target on Clover Health Investments from $2.75 to $4.75 and gave the company a “neutral” rating in a research note on Thursday, June 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Wall Street Zen raised Clover Health Investments from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Leerink Partners decreased their price target on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a report on Thursday, March 5th. Finally, Canaccord Genuity Group increased their price target on Clover Health Investments from $3.20 to $4.20 and gave the company a “buy” rating in a research report on Thursday, June 4th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $3.82.

Hedge Funds Weigh In On Clover Health Investments

A number of hedge funds and other institutional investors have recently modified their holdings of CLOV. Allworth Financial LP grew its holdings in shares of Clover Health Investments by 218.9% in the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after acquiring an additional 6,527 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Clover Health Investments during the first quarter worth $37,000. Envestnet Asset Management Inc. bought a new stake in Clover Health Investments during the second quarter worth $31,000. Abel Hall LLC purchased a new position in Clover Health Investments in the fourth quarter worth $27,000. Finally, Quadrature Capital Ltd purchased a new position in Clover Health Investments in the fourth quarter worth $29,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Clover Health Investments Company Profile

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.