Clover Health Investments (NASDAQ:CLOV) Trading Down 4.7% After Insider Selling

Clover Health Investments, Corp. (NASDAQ:CLOV) traded down 4.7% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $4.36 and last traded at $4.3550. Approximately 512,986 shares changed hands during trading, a decline of 92% from the average daily volume of 6,471,942 shares. The stock had previously closed at $4.57.

Specifically, CEO Andrew Toy sold 87,798 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $4.65, for a total value of $408,260.70. Following the sale, the chief executive officer directly owned 9,459,316 shares in the company, valued at $43,985,819.40. This represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CLOV shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Wednesday, June 24th. Wall Street Zen raised Clover Health Investments from a “buy” rating to a “strong-buy” rating in a research note on Saturday. UBS Group lifted their target price on shares of Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Canaccord Genuity Group boosted their price target on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Clover Health Investments has a consensus rating of “Hold” and a consensus price target of $4.33.

Clover Health Investments Stock Down 3.8%

The company’s fifty day moving average price is $4.66 and its 200-day moving average price is $3.19. The stock has a market capitalization of $2.31 billion, a PE ratio of -87.88 and a beta of 2.48.

Clover Health Investments (NASDAQ:CLOV) last released its earnings results on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $743.17 million for the quarter, compared to analysts’ expectations of $728.27 million. Clover Health Investments had a negative return on equity of 4.35% and a negative net margin of 0.74%.

Institutional Trading of Clover Health Investments

Large investors have recently modified their holdings of the company. Lazard Asset Management LLC purchased a new position in Clover Health Investments during the first quarter valued at $309,000. Vanguard Group Inc. raised its position in shares of 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 last quarter. RFG Advisory LLC bought a new position in shares of Clover Health Investments during the 1st quarter valued at about $35,000. Ketron Financial purchased a new position in Clover Health Investments during the 4th quarter valued at approximately $39,000. Finally, AXQ Capital LP purchased a new position in shares of Clover Health Investments in the fourth quarter valued at $89,000. Institutional investors own 19.77% of the company’s stock.

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.