Why Clover Health Stock Is Soaring Today
Shares of Clover Health Investments (NASDAQ: CLOV) were soaring 9.8% as of 11:28 a.m. ET on Wednesday after skyrocketing as much as 22.6% earlier in the day. The nice gain came after the company announced its second-quarter results following the market close on Tuesday.
Clover Health reported Q2 revenue of $513.6 million. This result topped the consensus revenue estimate of $490.8 million. The company posted a net loss of $28.8 million, or $0.06 per share. The average analysts' estimate was for a loss of nearly $0.14 per share.
In addition, Clover Health delivered its first positive quarterly adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) as a public company. It also raised the lower end of its full-year insurance revenue guidance range from $1.18 billion to $1.2 billion. The upper end of the range remained steady at $1.23 billion.
Source Fool.com
