Bank of New York Mellon Corp Acquires New Shares in Clover Health Investments, Corp. $CLOV

Key Points

• Bank of New York Mellon acquired 1.21 million Clover Health shares worth approximately $6.35 million, while institutional investors collectively own 19.77% of the company.
• Clover Health reported quarterly EPS of $0.05, beating estimates by $0.01, and revenue of $743.17 million, above the $728.27 million consensus forecast.
• Analysts maintain an overall “Hold” rating, with an average price target of $4.33; meanwhile, insiders sold 418,057 shares worth about $2.16 million over the past 90 days.

Bank of New York Mellon Corp purchased a new stake in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,211,106 shares of the company's stock, valued at approximately $6,346,000. Bank of New York Mellon Corp owned about 0.23% of Clover Health Investments as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC purchased a new position in shares of Clover Health Investments during the 1st quarter worth $49,000. Integrated Wealth Concepts LLC bought a new stake in shares of Clover Health Investments during the first quarter valued at approximately $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Clover Health Investments by 3.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 855,264 shares of the company's stock valued at $3,070,000 after purchasing an additional 24,807 shares during the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of Clover Health Investments in the second quarter worth about $31,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Clover Health Investments by 41.6% in the second quarter. JPMorgan Chase & Co. now owns 633,700 shares of the company's stock worth $1,768,000 after buying an additional 186,047 shares in the last quarter. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

Clover Health Investments Price Performance

NASDAQ CLOV opened at $4.26 on Friday. Clover Health Investments, Corp. has a 52 week low of $1.58 and a 52 week high of $5.59. The company has a 50 day moving average price of $4.51 and a 200 day moving average price of $3.45. The firm has a market cap of $2.26 billion, a PE ratio of -85.18 and a beta of 2.47.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. The business had revenue of $743.17 million for the quarter, compared to the consensus estimate of $728.27 million. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%.

Analysts Set New Price Targets

CLOV has been the subject of a number of research reports. Wall Street Zen lowered shares of Clover Health Investments from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 16th. Canaccord Genuity Group upped their price target on shares of Clover Health Investments from $4.20 to $5.50 and gave the company a "buy" rating in a research note on Tuesday, July 21st. UBS Group increased their price objective on shares of Clover Health Investments from $4.75 to $5.00 and gave the company a "neutral" rating in a research report on Thursday, August 6th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Clover Health Investments in a research note on Wednesday, June 24th. One research 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's stock. According to MarketBeat, Clover Health Investments currently has an average rating of "Hold" and an average price target of $4.33.

Insider Activity

In related news, CEO Andrew Toy sold 313,476 shares of Clover Health Investments stock in a transaction that occurred 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 directly owned 9,609,825 shares in the company, valued at $51,124,269. This trade represents a 3.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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. Also, VP Joseph Frank Oldakowski sold 12,102 shares of the business's stock in a transaction that occurred 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 approximately $1,453,465.62. This represents a 3.89% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders have sold 418,057 shares of company stock worth $2,156,348. Corporate insiders own 23.51% of the company's stock.

Clover Health Investments 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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