PNC Financial Services Group Inc. Sells 699,960 Shares of Clover Health Investments, Corp. $CLOV

Key Points

• PNC Financial Services Group cut its stake in Clover Health by 15.7% in the fourth quarter, selling 699,960 shares and ending with 3,763,851 shares valued at about $8.85 million.
• Clover Health reported mixed quarterly results, posting EPS of $0.05 versus the $0.07 consensus while revenue came in at $749.19 million, above expectations.
• Company insiders have been selling shares recently, including the CEO and a director, while analysts currently rate the stock Hold on average with a $2.90 price target.

PNC Financial Services Group Inc. lessened its stake in Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 15.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,763,851 shares of the company's stock after selling 699,960 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.73% of Clover Health Investments worth $8,845,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. ProShare Advisors LLC raised its holdings in shares of Clover Health Investments by 8.2% in the 4th quarter. ProShare Advisors LLC now owns 74,700 shares of the company's stock worth $176,000 after purchasing an additional 5,660 shares during the period. Mission Wealth Management LP raised its holdings in shares of Clover Health Investments by 41.9% in the 4th quarter. Mission Wealth Management LP now owns 36,392 shares of the company's stock worth $86,000 after purchasing an additional 10,742 shares during the period. USAdvisors Wealth Management LLC bought a new stake in shares of Clover Health Investments in the 4th quarter worth approximately $58,000. Pictet Asset Management Holding SA raised its holdings in shares of Clover Health Investments by 33.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 81,643 shares of the company's stock worth $192,000 after purchasing an additional 20,409 shares during the period. Finally, Vanguard Group Inc. raised its holdings 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 worth $55,192,000 after purchasing an additional 425,904 shares during the period. Institutional investors own 19.77% of the company's stock.

Clover Health Investments Stock Down 1.4%

Shares of NASDAQ:CLOV opened at $3.55 on Friday. Clover Health Investments, Corp. has a twelve month low of $1.58 and a twelve month high of $3.92. The firm has a market capitalization of $1.87 billion, a PE ratio of -29.58 and a beta of 2.44. The company has a 50-day moving average price of $2.39 and a two-hundred day moving average price of $2.40.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.02). Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%. The company had revenue of $749.19 million for the quarter, compared to the consensus estimate of $714.89 million. Analysts anticipate that Clover Health Investments, Corp. will post -0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Carladenise Armbrister Edwards sold 67,160 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $3.42, for a total value of $229,687.20. Following the completion of the transaction, the director directly owned 285,432 shares in the company, valued at approximately $976,177.44. This trade represents a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brady Patrick Priest sold 98,039 shares of the firm's stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $3.52, for a total transaction of $345,097.28. Following the completion of the transaction, the chief executive officer owned 2,040,222 shares of the company's stock, valued at $7,181,581.44. This trade represents a 4.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 340,199 shares of company stock worth $954,534. 23.51% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Leerink Partners lowered their price target on shares of Clover Health Investments from $3.00 to $2.50 and set a "market perform" rating on the stock in a report on Thursday, March 5th. Canaccord Genuity Group cut their target price on shares of Clover Health Investments from $3.70 to $3.20 and set a "buy" rating for the company in a research report on Friday, March 20th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Clover Health Investments in a research report on Friday, March 27th. Finally, Wall Street Zen upgraded shares of Clover Health Investments from a "sell" rating to a "hold" rating in a research report on Sunday, February 15th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Clover Health Investments currently has a consensus rating of "Hold" and an average price target of $2.90.

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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