Clover Health Investments Corp (NASDAQ: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!
