Clover Health Investments (NASDAQ:CLOV) CEO Sells $290,983.68 in Stock

Clover Health Investments, Corp. (NASDAQ:CLOV) CEO Andrew Toy sold 62,176 shares of the company’s stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $4.68, for a total value of $290,983.68. Following the sale, the chief executive officer owned 9,078,334 shares in the company, valued at approximately $42,486,603.12. This represents a 0.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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.

Andrew Toy also recently made the following trade(s):

• On Thursday, October 1st, Andrew Toy sold 318,806 shares of Clover Health Investments stock. The stock was sold at an average price of $4.19, for a total transaction of $1,335,797.14.
• On Monday, August 10th, Andrew Toy sold 87,798 shares of Clover Health Investments stock. The shares were sold at an average price of $4.65, for a total transaction of $408,260.70.

Clover Health Investments Trading Down 0.4%

Shares of NASDAQ:CLOV opened at $4.78 on Thursday. The company has a 50 day moving average of $4.46 and a 200 day moving average of $4.07. The stock has a market cap of $2.54 billion, a P/E ratio of -95.58 and a beta of 2.45. Clover Health Investments, Corp. has a 12 month low of $1.58 and a 12 month high of $5.59.

Clover Health Investments (NASDAQ:CLOV) last posted its earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. The business had revenue of $743.17 million for the quarter, compared to analysts’ expectations of $728.27 million. On average, equities analysts forecast that Clover Health Investments, Corp. will post 0.06 earnings per share for the current fiscal year.

Institutional Trading of Clover Health Investments

A number of hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its position in Clover Health Investments by 223.4% in the third quarter. Nisa Investment Advisors LLC now owns 10,855 shares of the company’s stock worth $47,000 after acquiring an additional 7,498 shares in the last quarter. Kestra Private Wealth Services LLC raised its position in Clover Health Investments by 44.1% during the first quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company’s stock valued at $43,000 after purchasing an additional 7,500 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Clover Health Investments during the second quarter valued at about $42,000. Nykredit A S bought a new stake in Clover Health Investments during the second quarter worth about $45,000. Finally, USAdvisors Wealth Management LLC lifted its stake in Clover Health Investments by 40.0% during the first quarter. USAdvisors Wealth Management LLC now owns 35,000 shares of the company’s stock worth $60,000 after purchasing an additional 10,000 shares during the last quarter. 19.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a report on Monday, September 21st. UBS Group lifted their price objective on Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a research note on Thursday, August 6th. Wall Street Zen cut Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. Zacks Research upgraded Clover Health Investments to a “hold” rating in a research report on Monday, September 14th. Finally, Canaccord Genuity Group upped their target price on Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $4.75.

Clover Health Investments Company Profile

Clover Health Investments, Corp. is a health insurance technology company focused on providing Medicare Advantage plans to eligible seniors in the United States. Its plans combine hospital, medical and prescription drug coverage with additional benefits that may vary by plan and location.

The company uses its Clover Assistant technology platform to provide physicians with data-driven insights intended to support clinical decision-making and care coordination. The platform aggregates member health information and helps participating providers identify care opportunities, manage chronic conditions and engage with patients.

Clover Health was founded in 2012 and became a publicly traded company in 2021 through a merger with a special purpose acquisition company.