Clover Health Was Up 15% Before Turning Lower: What's Going On?

Clover Health Investments Corp CLOV shares are trading lower Tuesday. The stock initially surged after the company reported better-than-expected top-line results and reaffirmed guidance, but it's pulling back significantly today.

Clover Health reported first-quarter revenue of $874.4 million, which beat the $787.34 million estimate. The company reported an adjusted net loss of $75.3 million.

Lives under management reached approximately 257,000 during the quarter, up from about 66,000 year-over-year.

"We are cautiously optimistic about the remainder of 2022, and are maintaining our expectations for a meaningful improvement over last year," said Mark Herbers, interim CFO of Clover Health.

Clover Health reaffirmed expectations for full-year 2022 revenue of $3 billion to $3.4 billion versus the $3.24 billion estimate.

SVB Leerink analyst Whit Mayo maintained Clover Health with a Market Perform rating and raised the price target from $2.50 to $3.00.

See Also: Why Moderna Shares Are Trading Lower Following Novavax's Earnings Report

CLOV 52-Week Range: $1.95 - $28.85 

The stock was down 3.32% at $2.33 at press time.

Photo: Parentingupstream from Pixabay.

Benzinga Has So Much More To Offer: Having trouble navigating the current market environment? Check out Benzinga Live! Did you know Benzinga Pro has a new trade ideas tool? Don't miss out. Get started today!

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksPrice TargetSmall CapAnalyst RatingsMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!