Insider Selling: Clover Health Investments (NASDAQ:CLOV) CEO Sells $1,335,797.14 in Stock

Clover Health Investments, Corp. (NASDAQ:CLOV) CEO Andrew Toy sold 318,806 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $4.19, for a total value of $1,335,797.14. Following the sale, the chief executive officer owned 9,140,510 shares in the company, valued at $38,298,736.90. The trade was a 3.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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.

Andrew Toy also recently made the following trade(s):

• On Monday, August 10th, Andrew Toy sold 87,798 shares of Clover Health Investments stock. The stock was sold at an average price of $4.65, for a total value of $408,260.70.

Clover Health Investments Stock Performance

Shares of Clover Health Investments stock opened at $4.38 on Monday. The firm has a market capitalization of $2.33 billion, a PE ratio of -87.58 and a beta of 2.45. The business’s 50-day moving average price is $4.39 and its 200-day moving average price is $3.81. Clover Health Investments, Corp. has a 12 month low of $1.58 and a 12 month high of $5.59.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $743.17 million for the quarter, compared to analysts’ expectations of $728.27 million. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%. As a group, analysts predict that Clover Health Investments, Corp. will post 0.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CLOV shares. Wall Street Zen cut shares of Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 16th. UBS Group lifted their target price on shares of Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research note on Monday, September 21st. Canaccord Genuity Group upped their price target on shares of Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Finally, Zacks Research raised Clover Health Investments to a “hold” rating in a research note on Monday, September 14th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $4.75.

Institutional Trading of Clover Health Investments

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp purchased a new position in shares of Clover Health Investments in the second quarter worth $6,346,000. California State Teachers Retirement System grew its holdings in Clover Health Investments by 24.1% in the 1st quarter. California State Teachers Retirement System now owns 497,006 shares of the company’s stock worth $875,000 after acquiring an additional 96,458 shares during the last quarter. Tidal Investments LLC bought a new stake in Clover Health Investments in the 2nd quarter worth $2,156,000. Turtle Creek Wealth Advisors LLC increased its position in shares of Clover Health Investments by 29.4% in the first quarter. Turtle Creek Wealth Advisors LLC now owns 220,000 shares of the company’s stock valued at $387,000 after acquiring an additional 50,000 shares during the period. Finally, Lazard Asset Management LLC purchased a new position in shares of Clover Health Investments in the first quarter valued at about $309,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Clover Health Investments Company Profile

Clover Health Investments, Corp. is a healthcare technology and Medicare Advantage company headquartered in Franklin, Tennessee. Through its insurance subsidiary, Clover Health Insurance Company, the company offers Medicare Advantage plans to eligible beneficiaries in select counties across the United States. Its plans are designed to provide coverage for hospital, medical and supplemental healthcare services through a managed-care structure.

Clover’s technology platform, Clover Assistant, is intended to support physicians by organizing patient information, identifying potential care needs and helping providers coordinate treatment.