Why Clover Health Stock Is Rising Today

Clover Health Investments Corp CLOV shares are trading higher Tuesday after the company reported strong fourth-quarter results.

What Happened: Clover Health reported fourth-quarter revenue of $898.79 million, which beat average analyst estimates of $785.38 million. The company reported fourth-quarter insurance MCR of 92.4%. Clover's results were driven by strong Insurance revenue growth and continued moderation of growth in operating expenses.

"In 2023, accelerating our path to profitability is our top priority, and I am excited by Clover Assistant's role in helping physicians identify and manage chronic diseases earlier, which improves care for Medicare beneficiaries," said Andrew Toy, CEO of Clover Health.

Clover sees full-year 2023 insurance revenue in a range of $1.15 billion to $1.2 billion, representing growth of 6% to 11%. MCR is expected to be in a range of 89% to 91%. The company said it's "achieving real momentum towards profitability."

Clover is set to present at Citi's 2023 Healthcare Conference on Wednesday. The company will hold a conference call to discuss these results at 8:30 a.m. ET.

See Also: Best Healthcare Stocks Right Now

CLOV Price Action: Clover Health has a 52-week range of $0.86-$3.90.

The stock was up 12.2% at $1.28 at the time of writing, according to Benzinga Pro.

Photo: Parentingupstream from Pixabay.

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