Key Points
- CEO Andrew Toy sold 318,806 Clover Health shares at an average price of $4.19, generating approximately $1.34 million. The sale occurred under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards, reducing his ownership by 3.37%.
- CLOV shares opened at $4.38, with a market capitalization of about $2.33 billion and a 52-week range of $1.58 to $5.59. The stock’s 50-day and 200-day moving averages were $4.39 and $3.79, respectively.
- Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $4.75. Clover recently exceeded quarterly earnings and revenue estimates, reporting $0.05 EPS on $743.17 million in revenue.
Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) CEO Andrew Toy sold 318,806 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $4.19, for a total transaction 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 SEC, 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 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 Price Performance
Shares of Clover Health Investments stock opened at $4.38 on Friday. Clover Health Investments, Corp. has a 1-year low of $1.58 and a 1-year high of $5.59. The company's fifty day simple moving average is $4.39 and its 200-day simple moving average is $3.79. The stock has a market capitalization of $2.33 billion, a PE ratio of -87.58 and a beta of 2.45.
Clover Health Investments (NASDAQ:CLOV - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%.The firm had revenue of $743.17 million during the quarter, compared to analyst estimates of $728.27 million. As a group, research analysts anticipate that Clover Health Investments, Corp. will post 0.06 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new stake in Clover Health Investments during the second quarter valued at about $42,000. Nykredit A S purchased a new position in shares of Clover Health Investments in the second quarter valued at about $45,000. WNY Asset Management LLC bought a new position in shares of Clover Health Investments in the second quarter worth about $69,000. Ketron Financial bought a new position in shares of Clover Health Investments in the fourth quarter worth about $39,000. Finally, RFG Advisory LLC purchased a new stake in shares of Clover Health Investments during the first quarter worth about $35,000. Institutional investors own 19.77% of the company's stock.
Analyst Ratings Changes
CLOV has been the subject of a number of analyst reports. Wall Street Zen cut Clover Health Investments from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 16th. Zacks Research raised Clover Health Investments to a "hold" rating in a research report on Monday, September 14th. Deutsche Bank Aktiengesellschaft assumed coverage on Clover Health Investments in a research note on Thursday, September 10th. They set a "buy" rating and a $6.00 price objective for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Clover Health Investments in a report on Monday, September 21st. Finally, Canaccord Genuity Group raised their target price on shares of Clover Health Investments from $4.20 to $5.50 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $4.75.
Get Our Latest Analysis on CLOV
Clover Health Investments Company Profile
(
Get Free Report)
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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