Key Points
- CEO Andrew Toy sold 87,798 Clover Health shares at an average price of $4.65, generating $408,260.70. The pre-arranged Rule 10b5-1 sale was made to cover tax withholding tied to vested equity awards, reducing his stake by 0.92% to 9.46 million shares.
- Clover Health recently exceeded quarterly expectations, reporting $0.05 in EPS versus a $0.04 consensus estimate and revenue of $743.17 million versus expectations of $728.27 million.
- Analyst sentiment remains mixed: the stock carries a consensus “Hold” rating with a $4.33 price target, while CLOV traded at $4.57 and institutional investors owned 19.77% of the company.
Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) CEO Andrew Toy sold 87,798 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $4.65, for a total transaction of $408,260.70. Following the completion of the transaction, the chief executive officer owned 9,459,316 shares in the company, valued at approximately $43,985,819.40. The trade was a 0.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 Wednesday, July 1st, Andrew Toy sold 313,476 shares of Clover Health Investments stock. The shares were sold at an average price of $5.32, for a total transaction of $1,667,692.32.
Clover Health Investments Stock Performance
NASDAQ:CLOV opened at $4.57 on Tuesday. The firm has a market cap of $2.41 billion, a P/E ratio of -91.38 and a beta of 2.48. Clover Health Investments, Corp. has a fifty-two week low of $1.58 and a fifty-two week high of $5.59. The firm has a 50-day simple moving average of $4.66 and a two-hundred day simple moving average of $3.19.
Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. The business had revenue of $743.17 million during 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 4.35%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Clover Health Investments from a "buy" rating to a "strong-buy" rating in a report on Saturday. Canaccord Genuity Group increased 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. UBS Group lifted their target price on Clover Health Investments from $4.75 to $5.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Clover Health Investments in a research note on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $4.33.
View Our Latest Report on Clover Health Investments
Institutional Investors Weigh In On Clover Health Investments
A number of large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE grew its holdings in shares of Clover Health Investments by 217.5% in the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company's stock worth $11,196,000 after acquiring an additional 2,748,783 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Clover Health Investments by 69.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,634,325 shares of the company's stock valued at $8,542,000 after acquiring an additional 1,494,043 shares during the period. First Trust Advisors LP bought a new position in Clover Health Investments in the second quarter valued at about $4,149,000. UBS Group AG boosted its position in Clover Health Investments by 155.5% in the third quarter. UBS Group AG now owns 2,282,113 shares of the company's stock worth $6,983,000 after purchasing an additional 1,388,761 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Clover Health Investments in the second quarter worth about $6,346,000. Institutional investors own 19.77% of the company's stock.
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.
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