PNC Financial Services Group Inc. Sells 699,960 Shares of Clover Health Investments, Corp. $CLOV

PNC Financial Services Group Inc. cut its stake in shares of Clover Health Investments, Corp. (NASDAQ:CLOV) by 15.7% in the 4th quarter, HoldingsChannel reports. The firm owned 3,763,851 shares of the company’s stock after selling 699,960 shares during the period. PNC Financial Services Group Inc.’s holdings in Clover Health Investments were worth $8,845,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Divisadero Street Capital Management LP bought a new stake in Clover Health Investments during the third quarter valued at approximately $8,470,000. Principal Financial Group Inc. lifted its position in Clover Health Investments by 1,590.3% during the third quarter. Principal Financial Group Inc. now owns 485,433 shares of the company’s stock valued at $1,485,000 after purchasing an additional 456,715 shares during the last quarter. Vanguard Group Inc. lifted its position in Clover Health Investments by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company’s stock valued at $55,192,000 after purchasing an additional 425,904 shares during the last quarter. USAdvisors Wealth Management LLC bought a new stake in Clover Health Investments during the fourth quarter valued at approximately $58,000. Finally, Pictet Asset Management Holding SA lifted its position in Clover Health Investments by 33.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 81,643 shares of the company’s stock valued at $192,000 after purchasing an additional 20,409 shares during the last quarter. 19.77% of the stock is currently owned by institutional investors.

Clover Health Investments Stock Performance

CLOV stock opened at $3.55 on Friday. The company has a market capitalization of $1.87 billion, a PE ratio of -29.58 and a beta of 2.44. Clover Health Investments, Corp. has a one year low of $1.58 and a one year high of $3.92. The company’s 50 day moving average price is $2.39 and its two-hundred day moving average price is $2.40.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). The business had revenue of $749.19 million for the quarter, compared to analysts’ expectations of $714.89 million. Clover Health Investments had a negative return on equity of 16.52% and a negative net margin of 2.58%. On average, research analysts predict that Clover Health Investments, Corp. will post -0.02 EPS for the current year.

Insider Activity at Clover Health Investments

In other Clover Health Investments news, CEO Brady Patrick Priest sold 175,000 shares of Clover Health Investments stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $2.17, for a total transaction of $379,750.00. Following the transaction, the chief executive officer directly owned 1,998,584 shares of the company’s stock, valued at approximately $4,336,927.28. This trade represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Carladenise Armbrister Edwards sold 67,160 shares of Clover Health Investments stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $3.42, for a total transaction of $229,687.20. Following the transaction, the director directly owned 285,432 shares in the company, valued at $976,177.44. This trade represents a 19.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 340,199 shares of company stock worth $954,534 over the last three months. Insiders own 23.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CLOV shares. Wall Street Zen upgraded Clover Health Investments from a “sell” rating to a “hold” rating in a research report on Sunday, February 15th. Leerink Partners reduced their price objective on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research report on Thursday, March 5th. Canaccord Genuity Group reduced their price objective on Clover Health Investments from $3.70 to $3.20 and set a “buy” rating on the stock in a research report on Friday, March 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.90.

Clover Health Investments Profile

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.