Renaissance Technologies LLC Sells 1,089,600 Shares of Clover Health Investments, Corp. $CLOV

Key Points

• Renaissance Technologies cut its Clover Health stake by 24.3%, selling 1,089,600 shares and retaining 3.4 million shares worth approximately $6.0 million. Institutional investors collectively own 19.77% of CLOV.
• Clover Health reported quarterly revenue of $749.19 million, exceeding estimates, but earnings per share of $0.05 fell short of the $0.07 consensus; the company continued to post negative margins and return on equity.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $4.25 price target. Company insiders also sold 715,884 shares worth $3.2 million over the past 90 days.

Renaissance Technologies LLC trimmed its holdings in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) by 24.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,401,541 shares of the company's stock after selling 1,089,600 shares during the period. Renaissance Technologies LLC owned 0.65% of Clover Health Investments worth $5,987,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Abel Hall LLC bought a new position in shares of Clover Health Investments in the fourth quarter valued at about $27,000. Allworth Financial LP increased its position in Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company's stock valued at $29,000 after acquiring an additional 6,527 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Clover Health Investments in the fourth quarter worth about $29,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Clover Health Investments during the fourth quarter worth approximately $29,000. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Clover Health Investments during the second quarter valued at approximately $31,000. Institutional investors own 19.77% of the company's stock.

Clover Health Investments Stock Performance

Shares of CLOV stock opened at $4.14 on Thursday. The firm's 50 day moving average price is $4.62 and its two-hundred day moving average price is $3.14. Clover Health Investments, Corp. has a 52-week low of $1.58 and a 52-week high of $5.59. The stock has a market cap of $2.18 billion, a PE ratio of -34.50 and a beta of 2.47.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share 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 during the quarter, compared to analyst estimates of $714.89 million.

Analyst Upgrades and Downgrades

CLOV has been the subject of a number of research reports. Weiss Ratings restated a "sell (d-)" rating on shares of Clover Health Investments in a research report on Wednesday, June 24th. Wall Street Zen upgraded Clover Health Investments from a "hold" rating to a "buy" rating in a research report on Saturday, June 6th. Canaccord Genuity Group lifted their target price on Clover Health Investments from $4.20 to $5.50 and gave the company a "buy" rating in a research note on Tuesday, July 21st. Finally, UBS Group boosted their target price on Clover Health Investments from $2.75 to $4.75 and gave the stock a "neutral" rating in a research report on Thursday, June 11th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $4.25.

Insiders Place Their Bets

In other news, CEO Brady Patrick Priest sold 98,039 shares of the business's stock in a transaction dated Wednesday, May 13th. The stock was 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 directly owned 2,040,222 shares in the company, valued at approximately $7,181,581.44. The trade was a 4.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Conrad Wai sold 220,426 shares of the company's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $3.99, for a total value of $879,499.74. Following the completion of the sale, the chief executive officer directly owned 1,390,056 shares of the company's stock, valued at approximately $5,546,323.44. This trade represents a 13.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 715,884 shares of company stock valued at $3,202,372 in the last ninety days. 23.51% of the stock is currently owned by insiders.

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.

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