Clover Health Investments (NASDAQ:CLOV) CEO Andrew Toy Sells 87,798 Shares

Key Points

• CEO Andrew Toy sold 87,798 Clover Health shares at an average price of $4.65, generating $408,260.70. The Rule 10b5-1 sale was intended to cover tax withholding from vested equity awards, leaving him with 9.46 million shares.
• Clover Health reported quarterly EPS of $0.05, beating the $0.04 consensus estimate, while revenue of $743.17 million also exceeded forecasts. The stock recently traded at $4.57, near its 52-week high of $5.59.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $4.33; institutional investors own approximately 19.77% of the company.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) CEO Andrew Toy sold 87,798 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $4.65, for a total transaction of $408,260.70. Following the completion of the transaction, the chief executive officer owned 9,459,316 shares of the company's stock, valued at approximately $43,985,819.40. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 Wednesday, July 1st, Andrew Toy sold 313,476 shares of Clover Health Investments stock. The stock was sold at an average price of $5.32, for a total transaction of $1,667,692.32.

Clover Health Investments Price Performance

NASDAQ CLOV traded down $0.19 on Monday, reaching $4.57. The company had a trading volume of 5,468,977 shares, compared to its average volume of 6,511,482. Clover Health Investments, Corp. has a fifty-two week low of $1.58 and a fifty-two week high of $5.59. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of -91.38 and a beta of 2.48. The business has a 50 day moving average of $4.64 and a two-hundred day moving average of $3.17.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. Clover Health Investments had a negative return on equity of 4.35% and a negative net margin of 0.74%.The company had revenue of $743.17 million for the quarter, compared to analyst estimates of $728.27 million.

Wall Street Analysts Forecast Growth

CLOV has been the subject of a number of recent analyst reports. Wall Street Zen upgraded Clover Health Investments from a "buy" rating to a "strong-buy" rating in a report on Saturday. UBS Group boosted 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. Weiss Ratings restated a "sell (d-)" rating on shares of Clover Health Investments in a research report on Wednesday, June 24th. Finally, Canaccord Genuity Group upped their target price on Clover Health Investments from $4.20 to $5.50 and gave the company a "buy" rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Clover Health Investments currently has a consensus rating of "Hold" and an average target price of $4.33.

Hedge Funds Weigh In On Clover Health Investments

Several institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE raised its stake in shares of Clover Health Investments by 217.5% in the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company's stock worth $11,196,000 after purchasing an additional 2,748,783 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Clover Health Investments by 69.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,634,325 shares of the company's stock valued at $8,542,000 after buying an additional 1,494,043 shares during the last quarter. First Trust Advisors LP bought a new stake in Clover Health Investments during the second quarter worth $4,149,000. UBS Group AG grew its holdings in Clover Health Investments by 155.5% during the third quarter. UBS Group AG now owns 2,282,113 shares of the company's stock worth $6,983,000 after buying an additional 1,388,761 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Clover Health Investments in the 2nd quarter valued at $6,346,000. Institutional investors and hedge funds own 19.77% of the company's stock.

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.

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