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

Clover Health Investments, Corp. (NASDAQ:CLOV) CEO Andrew Toy sold 313,476 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 9,609,825 shares in the company, 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 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.

Clover Health Investments Stock Down 2.4%

NASDAQ CLOV opened at $5.26 on Friday. The stock has a market capitalization of $2.77 billion, a PE ratio of -43.83 and a beta of 2.41. Clover Health Investments, Corp. has a 12-month low of $1.58 and a 12-month high of $5.59. The company has a 50 day moving average price of $3.92 and a two-hundred day moving average price of $2.80.

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). 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%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Abel Hall LLC acquired a new position in Clover Health Investments during the 4th quarter worth $27,000. Allworth Financial LP grew its position 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 purchasing an additional 6,527 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Clover Health Investments in the fourth quarter worth about $29,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Clover Health Investments in the fourth quarter worth about $29,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Clover Health Investments during the 2nd quarter worth about $31,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

About Clover Health Investments

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.