Clover Health Investments (NASDAQ:CLOV) stock is on the rise Thursday after the company revealed an expansion plan for its business.
A press release from Clover Health has it detailing its expansion plan to 101 counties across several states. 94 of these counties are in states it already operates in, but the remaining are in Alabama, which is a new state for the company.
To put in perspective just how big of a deal this is for Clover Health, the company currently offers its Medicare Advantage plans 108 counties to 66,300 members. This has it almost doubling its business footprint in terms of counties.
According to the press release, people eligible for its Medicare Advantage plans in these counties can start signing up for them later this year. Enrollment will be open from Oct. 15 to Dec. 7 with coverage starting on Jan. 1, 2022.
Andrew Toy, president of Clover Health, said this about the news boosting CLOV stock higher today.
“By empowering a wide network of primary care physicians with the Clover Assistant, we aim to improve care coordination and address care gaps and ultimately enhance the quality of care and lower overall medical expenses for more Medicare eligibles in underserved communities. Going forward, we plan to be even more focused on expanding Clover’s plans to eligibles in these underserved communities.”
CLOV stock is also seeing heavy trading at the start of the day. As of this writing, more than 49 million shares of the stock have changed hands. That’s quickly approaching the company’s daily average trading volume of 53.4 million shares.
CLOV stock was up 2.8% as of Thursday morning but is down 9% since the start of the year.
There’s plenty of other hot stock stories today that investors will want to be on top of.
Fortunately, InvestorPlace has all the latest market coverage. That includes the news this morning moving Marin Software (NASDAQ:MRIN), and Palantir (NYSE:PLTR), as well as how stocks we moving in pre-market trading. You can check out all of that info at the following links!
More Thursday Stock Market News
- MRIN Stock: Why Marin Software Is Rocketing 60% Higher Today
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.