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 stock in a transaction 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 completion of the sale, the chief executive officer owned 9,609,825 shares of the company’s stock, valued at $51,124,269. The trade was a 3.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 Stock Up 2.9%

CLOV traded up $0.15 during midday trading on Wednesday, hitting $5.39. 7,993,404 shares of the company were exchanged, compared to its average volume of 6,833,878. The firm has a market capitalization of $2.84 billion, a P/E ratio of -44.91 and a beta of 2.54. Clover Health Investments, Corp. has a 1-year low of $1.58 and a 1-year high of $5.59. The firm’s 50 day moving average price is $3.80 and its 200-day moving average price is $2.77.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $714.89 million.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CLOV. Leerink Partners lowered their target price 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. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. UBS Group raised their price objective 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 shares of Clover Health Investments from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Canaccord Genuity Group boosted their target price on shares of 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 assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $3.82.

Institutional Trading of Clover Health Investments

Large investors have recently made changes to their positions in the company. Abel Hall LLC bought a new stake in Clover Health Investments in the 4th quarter valued at about $27,000. Allworth Financial LP boosted its holdings in Clover Health Investments by 218.9% in the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after acquiring an additional 6,527 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Clover Health Investments in the fourth quarter valued at approximately $29,000. Schonfeld Strategic Advisors LLC acquired a new stake in Clover Health Investments in the fourth quarter valued at approximately $29,000. Finally, Envestnet Asset Management Inc. acquired a new stake in Clover Health Investments in the second quarter valued at approximately $31,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

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.