Key Points
- Clover Health CEO Andrew Toy sold 313,476 shares on July 1 at an average price of $5.32, totaling about $1.67 million. The sale was part of a pre-arranged Rule 10b5-1 plan and was used to cover tax withholding tied to vested equity awards.
- After the transaction, Toy still directly owned 9,609,825 shares valued at roughly $51.1 million, representing a 3.16% decrease in his ownership stake.
- CLOV shares were trading up 2.9% to $5.39, near their 12-month high of $5.59. Analyst views remain mixed, with a consensus Hold rating and average price target of $3.82.
Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) CEO Andrew Toy sold 313,476 shares of Clover Health Investments stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $5.32, for a total value of $1,667,692.32. Following the sale, the chief executive officer directly owned 9,609,825 shares of the company's stock, valued at approximately $51,124,269. This trade represents a 3.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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.
Clover Health Investments Trading Up 2.9%
NASDAQ CLOV opened at $5.39 on Thursday. The stock has a 50-day simple moving average of $3.87 and a 200 day simple moving average of $2.79. The company has a market capitalization of $2.84 billion, a PE ratio of -44.91 and a beta of 2.41. Clover Health Investments, Corp. has a 12 month low of $1.58 and a 12 month high of $5.59.
Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its earnings results 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). The company had revenue of $749.19 million for the quarter, compared to the consensus estimate of $714.89 million. Clover Health Investments had a negative return on equity of 16.52% and a negative net margin of 2.58%.
Institutional Trading of Clover Health Investments
A number of institutional investors have recently modified their holdings of CLOV. Allworth Financial LP boosted its position in shares of Clover Health Investments by 218.9% during the third quarter. Allworth Financial LP now owns 9,509 shares of the company's stock worth $29,000 after buying an additional 6,527 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Clover Health Investments in the 1st quarter valued at approximately $37,000. Envestnet Asset Management Inc. bought a new stake in Clover Health Investments in the 2nd quarter valued at approximately $31,000. Abel Hall LLC bought a new stake in Clover Health Investments in the 4th quarter valued at approximately $27,000. Finally, Quadrature Capital Ltd acquired a new position in Clover Health Investments during the 4th quarter worth approximately $29,000. 19.77% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research analysts recently weighed in on the stock. Leerink Partners reduced their price objective on shares of Clover Health Investments from $3.00 to $2.50 and set a "market perform" rating on the stock in a research note on Thursday, March 5th. Wall Street Zen raised shares of Clover Health Investments from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Canaccord Genuity Group increased their target price on shares of Clover Health Investments from $3.20 to $4.20 and gave the stock a "buy" rating in a report on Thursday, June 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Finally, UBS Group lifted their price target on shares of 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 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 MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $3.82.
Read Our Latest Stock Report on CLOV
Clover Health Investments Company Profile
(
Get Free Report)
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.
Further Reading
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