Clover Health Investments Corp. (CLOV) shares declined 0.87% in after-hours on Monday, November 09, 2021, and closed the daily trading at $7.96. However, in the regular trading session, CLOV’s stock gained 2.03%. CLOV shares have fallen 19.94% over the last 12 months, and they have moved up 2.69% in the past week. Over the past three months, the stock has lost 4.52%, while over the past six months, it has declined 1.23%.
Let’s have a look at its recent news and developments.
CLOV latest developments
On November 08, 2021, Clover Health (CLOV) released its financial results for the third quarter of 2021.
Q3 2021 financial highlights
- CLOV reported total revenue of $427 million in Q3 2021 compared to $169 million in the third quarter of 2020.
- It suffered a GAAP net loss of $34.5 million in Q3 2021 compared to a net income of $12.8 million for the third quarter of 2020.
- Adjusted EBITDA was negative $102.3 million in Q3 2021 compared to $-20 million in Q3 2020.
- The company ended the quarter with cash, cash equivalents and investments totalling $588.7 million.
FY 2021 financial outlook
For FY 2021, the company is expecting
- total revenue in the range of $1.42 billion to $1.47 billion.
- Adjusted operating expenses in the range of $270 million to $280 million.
- Normalized Adjusted EBITDA loss is expected to be in the range of $250 to $230 million.
CLOV participation in the upcoming event
Clover Health (CLOV) will participate in the Credit Suisse 30th Annual Virtual Healthcare Conference which is to be held on Wednesday, November 10, 2021, at 11:20 a.m. Eastern Time. The company will be presented by President, Andrew Toy, and VP of Investor Relations, Derrick Nueman, during the event.
CLOV sponsorship for the event
On October 13, 2021, Clover Health (CLOV) announced its sponsorship of Expo4Seniors’ Senior Expo 2021 in Nashville, Tennessee. The event was a one-stop-shop for seniors, their caregivers, and family members to meet and speak with companies providing senior lifestyle, health, and wellness services.
CLOV PPO Plan ratings improved
On October 08, 2021, Medicaid Services (CMS) upgraded Clover’s (CLOV) PPO plan to 3.5 stars on the Medicare Star Ratings for its Medicare Advantage (MA) plans for the 2020 measurement year.
CLOV new Medicare Advantage Plans for 2022
On October 01, 2021, Clover Health (CLOV) debuted its 2022 Medicare Advantage plans. Individuals eligible for Medicare in 209 counties across nine states Alabama, Arizona, Georgia, Mississippi, New Jersey, Pennsylvania, South Carolina, Tennessee, and Texas can enrol in Clover’s plans.
Conclusion
The recent financial results were the reason behind its loss in the after-hours on Monday. We can expect it to further decline in the coming trading sessions.
