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 that occurred on Wednesday, July 1st. The shares were sold at an average price of $5.32, for a total value of $1,667,692.32. Following the sale, the chief executive officer directly owned 9,609,825 shares in the company, valued at $51,124,269. The trade was a 3.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 Trading Up 2.9%

Shares of CLOV opened at $5.39 on Thursday. The stock has a market cap of $2.84 billion, a PE ratio of -44.91 and a beta of 2.41. Clover Health Investments, Corp. has a 1 year low of $1.58 and a 1 year high of $5.59. The stock has a 50 day simple moving average of $3.87 and a 200-day simple moving average of $2.79.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CLOV. Divisadero Street Capital Management LP acquired a new stake in shares of Clover Health Investments during the 3rd quarter worth approximately $8,470,000. Bank of America Corp DE lifted its holdings in Clover Health Investments by 217.5% in the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company’s stock valued at $11,196,000 after buying an additional 2,748,783 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Clover Health Investments by 69.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,634,325 shares of the company’s stock valued at $8,542,000 after buying an additional 1,494,043 shares during the period. First Trust Advisors LP bought a new position in Clover Health Investments in the second quarter valued at approximately $4,149,000. Finally, UBS Group AG boosted its stake in Clover Health Investments by 155.5% in the third quarter. UBS Group AG now owns 2,282,113 shares of the company’s stock valued at $6,983,000 after acquiring an additional 1,388,761 shares during the last quarter. Institutional investors own 19.77% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.