Clover Health Investments (NASDAQ:CLOV) CEO Sells $290,983.68 in Stock

Key Points

• CEO Andrew Toy sold 62,176 Clover Health shares at an average price of $4.68, generating $290,983.68. The sale was made under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards, reducing his ownership by 0.68%.
• CLOV shares fell 0.9% to $4.44, with the company valued at approximately $2.36 billion. Clover reported quarterly EPS of $0.05 and revenue of $743.17 million, both ahead of analyst expectations.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $4.75; institutional investors own 19.77% of the stock.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) CEO Andrew Toy sold 62,176 shares of the firm's stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $4.68, for a total value of $290,983.68. Following the completion of the transaction, the chief executive officer owned 9,078,334 shares in the company, valued at $42,486,603.12. This represents a 0.68% 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 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 Thursday, October 1st, Andrew Toy sold 318,806 shares of Clover Health Investments stock. The shares were sold at an average price of $4.19, for a total transaction of $1,335,797.14.
• On Monday, August 10th, Andrew Toy sold 87,798 shares of Clover Health Investments stock. The stock was sold at an average price of $4.65, for a total value of $408,260.70.

Clover Health Investments Stock Down 0.9%

CLOV traded down $0.04 during trading on Monday, hitting $4.44. The company had a trading volume of 3,806,472 shares, compared to its average volume of 5,925,725. The company has a market capitalization of $2.36 billion, a PE ratio of -88.78 and a beta of 2.45. Clover Health Investments, Corp. has a one year low of $1.58 and a one year high of $5.59. The firm's 50-day moving average price is $4.45 and its 200 day moving average price is $4.01.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate 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 net margin of 0.74% and a negative return on equity of 4.20%. Sell-side analysts forecast that Clover Health Investments, Corp. will post 0.06 earnings per share for the current year.

Hedge Funds Weigh In On Clover Health Investments

Several institutional investors and hedge funds have recently bought and sold shares of CLOV. Bank of New York Mellon Corp bought a new position in shares of Clover Health Investments in the second quarter worth about $6,346,000. Tidal Investments LLC bought a new stake in shares of Clover Health Investments in the 2nd quarter worth about $2,156,000. Lazard Asset Management LLC purchased a new stake in Clover Health Investments during the first quarter valued at approximately $309,000. WINTON GROUP Ltd purchased a new stake in shares of Clover Health Investments in the second quarter valued at $913,000. Finally, AXQ Capital LP boosted its position in shares of Clover Health Investments by 602.6% during the second quarter. AXQ Capital LP now owns 146,569 shares of the company's stock valued at $768,000 after buying an additional 125,708 shares during the period. 19.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Clover Health Investments in a research report on Monday, September 21st. Canaccord Genuity Group boosted their target price on shares of Clover Health Investments from $4.20 to $5.50 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Wall Street Zen downgraded Clover Health Investments from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 16th. Deutsche Bank Aktiengesellschaft initiated coverage on Clover Health Investments in a research report on Thursday, September 10th. They set a "buy" rating and a $6.00 target price on the stock. Finally, UBS Group upped their price objective on shares of Clover Health Investments from $4.75 to $5.00 and gave the company a "neutral" rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $4.75.

Clover Health Investments Company Profile

Clover Health Investments, Corp. is a healthcare technology and Medicare Advantage company headquartered in Franklin, Tennessee. Through its insurance subsidiary, Clover Health Insurance Company, the company offers Medicare Advantage plans to eligible beneficiaries in select counties across the United States. Its plans are designed to provide coverage for hospital, medical and supplemental healthcare services through a managed-care structure.

Clover's technology platform, Clover Assistant, is intended to support physicians by organizing patient information, identifying potential care needs and helping providers coordinate treatment.

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