Clover Health Investments (NASDAQ:CLOV) CEO Sells $1,667,692.32 in Stock

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 stock was sold at an average price of $5.32, for a total value of $1,667,692.32. Following the completion of the transaction, the chief executive officer 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 sale was disclosed in a filing with the SEC, which is accessible 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 Performance

CLOV stock opened at $5.26 on Friday. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of -43.83 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’s fifty day moving average is $3.98 and its two-hundred day moving average is $2.82.

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 the consensus estimate 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 return on equity of 16.52% and a negative net margin of 2.58%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CLOV. UBS Group lifted their price target on shares of Clover Health Investments from $2.75 to $4.75 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. Wall Street Zen upgraded Clover Health Investments from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Canaccord Genuity Group raised their price objective on Clover Health Investments from $3.20 to $4.20 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.82.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Clover Health Investments by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company’s stock valued at $55,192,000 after buying an additional 425,904 shares during the period. Geode Capital Management LLC grew its stake in Clover Health Investments by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 9,791,208 shares of the company’s stock valued at $23,013,000 after acquiring an additional 70,801 shares in the last quarter. State Street Corp increased its holdings in shares of Clover Health Investments by 4.1% in the 4th quarter. State Street Corp now owns 9,320,183 shares of the company’s stock valued at $21,902,000 after purchasing an additional 368,507 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Clover Health Investments by 9.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,690,904 shares of the company’s stock valued at $11,024,000 after purchasing an additional 419,389 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of 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 worth $11,196,000 after purchasing an additional 2,748,783 shares in the last quarter. 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.