Renaissance Technologies LLC Sells 1,089,600 Shares of Clover Health Investments, Corp. $CLOV

Renaissance Technologies LLC trimmed its holdings in Clover Health Investments, Corp. (NASDAQ:CLOV) by 24.3% in the first quarter, Holdings Channel reports. The fund owned 3,401,541 shares of the company’s stock after selling 1,089,600 shares during the period. Renaissance Technologies LLC’s holdings in Clover Health Investments were worth $5,987,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CLOV. Vanguard Group Inc. grew its position in shares of Clover Health Investments by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company’s stock valued at $55,192,000 after purchasing an additional 425,904 shares during the period. RFG Advisory LLC acquired a new stake in Clover Health Investments during the 1st quarter worth approximately $35,000. Ketron Financial bought a new position in Clover Health Investments in the fourth quarter valued at approximately $39,000. AXQ Capital LP acquired a new position in shares of Clover Health Investments in the fourth quarter valued at approximately $89,000. Finally, Global Retirement Partners LLC boosted its holdings in shares of Clover Health Investments by 2,115.3% in the fourth quarter. Global Retirement Partners LLC now owns 32,675 shares of the company’s stock valued at $77,000 after buying an additional 31,200 shares during the period. Institutional investors and hedge funds own 19.77% of the company’s stock.

Insider Buying and Selling

In related news, CEO Brady Patrick Priest sold 98,039 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $3.52, for a total value of $345,097.28. Following the completion of the transaction, the chief executive officer directly owned 2,040,222 shares of the company’s stock, valued at approximately $7,181,581.44. This trade represents a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joseph Frank Oldakowski sold 12,102 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $4.86, for a total transaction of $58,815.72. Following the sale, the vice president directly owned 299,067 shares in the company, valued at $1,453,465.62. This trade represents a 3.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold a total of 715,884 shares of company stock worth $3,202,372 in the last quarter. 23.51% of the stock is owned by company insiders.

Clover Health Investments Price Performance

Shares of NASDAQ CLOV opened at $4.14 on Thursday. The business has a 50-day moving average of $4.62 and a 200-day moving average of $3.14. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of -34.50 and a beta of 2.47. Clover Health Investments, Corp. has a fifty-two week low of $1.58 and a fifty-two week high of $5.59.

Clover Health Investments (NASDAQ:CLOV) last released its earnings results 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). Clover Health Investments had a negative return on equity of 16.52% and a negative net margin of 2.58%.The company had revenue of $749.19 million for the quarter, compared to the consensus estimate of $714.89 million.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CLOV. Canaccord Genuity Group increased their price objective on shares of Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research note on Wednesday, June 24th. UBS Group increased their target price on Clover Health Investments from $2.75 to $4.75 and gave the stock a “neutral” rating in a report on Thursday, June 11th. Finally, Wall Street Zen upgraded Clover Health Investments from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Clover Health Investments has a consensus rating of “Hold” and an average price target of $4.25.

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.