Clover Health Investments (NASDAQ:CLOV) CEO Sells 318,806 Shares of Company Stock

Key Points

• CEO Andrew Toy sold 318,806 Clover Health shares for approximately $1.34 million at an average price of $4.19, reducing his direct ownership by 3.37% to 9.14 million shares. The sale occurred under a pre-arranged Rule 10b5-1 plan to cover tax obligations tied to vested equity awards.
• CLOV shares rose 3.5% to $4.38, with the stock trading between a 52-week low of $1.58 and high of $5.59. The company recently exceeded quarterly earnings and revenue expectations, reporting $0.05 EPS and $743.17 million in revenue.
• Analyst sentiment remains mixed, with an overall “Hold” rating and a $4.75 consensus price target; institutional investors own 19.77% of the company.

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) CEO Andrew Toy sold 318,806 shares of the firm's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $4.19, for a total value of $1,335,797.14. Following the sale, the chief executive officer directly owned 9,140,510 shares of the company's stock, valued at approximately $38,298,736.90. This represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 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 transaction of $408,260.70.

Clover Health Investments Trading Up 3.5%

Shares of NASDAQ:CLOV traded up $0.15 during midday trading on Friday, reaching $4.38. The company had a trading volume of 3,855,119 shares, compared to its average volume of 5,984,461. The stock has a market cap of $2.33 billion, a P/E ratio of -87.58 and a beta of 2.45. The company's 50 day moving average price is $4.39 and its 200 day moving average price is $3.79. Clover Health Investments, Corp. has a 52-week low of $1.58 and a 52-week high of $5.59.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $728.27 million. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. Research analysts forecast that Clover Health Investments, Corp. will post 0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Clover Health Investments

Hedge funds have recently bought and sold shares of the company. Tidal Investments LLC bought a new position in Clover Health Investments in the 2nd quarter valued at $2,156,000. Bank of New York Mellon Corp bought a new position in shares of Clover Health Investments in the second quarter worth $6,346,000. WINTON GROUP Ltd purchased a new stake in shares of Clover Health Investments in the second quarter worth $913,000. Lazard Asset Management LLC bought a new stake in Clover Health Investments during the first quarter valued at $309,000. Finally, AXQ Capital LP boosted its stake in 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. Hedge funds and other institutional investors own 19.77% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CLOV. UBS Group upped 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, August 6th. Deutsche Bank Aktiengesellschaft began coverage on Clover Health Investments in a research report on Thursday, September 10th. They set a "buy" rating and a $6.00 price target on the stock. Canaccord Genuity Group lifted their price objective on 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 cut Clover Health Investments from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 16th. Finally, Zacks Research raised shares of Clover Health Investments to a "hold" rating in a report on Monday, September 14th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.