Why Bright Health Group's Shares Are Up 29.5% This Week

Shares of insurtech start-up Bright Health Group (NYSE: BHG) rose 29.5% this week, according to data from S&P Global Market Intelligence. The shares, which closed at $3.36 on Friday, rose to a high of $4.66 on Wednesday. The company's stock just had an initial public offering in June, and is well down from its June high of 17.93 but above its low of $3.07, which it hit last Friday.

Image source: Getty Images.

Bright Health gave updated guidance on its expected 2022 revenue on Tuesday, and it was a pleasant surprise. The company focuses on retail, consumer-based medical care. It has a segment, NeueHealth, that operates clinics and another, Bright HealthCare, that offers health plan products such as individual, employer-sponsored, and Medicare plans. The company said in an investor report that it expected revenue of $6.3 to $6.5 billion in 2022, up more than 54% over what it expects to have this year.

Source Fool.com