Clover Health (NASDAQ:CLOV) stock is on the rise Tuesday thanks to the company’s earnings report for the fourth quarter of 2022.
One of the biggest factors that has investors celebrating is Clover Health’s net loss of $84 million. That’s a massive improvement over the company’s net loss of $187.2 million reported in the same period of the year prior.
To go along with that, the company’s revenue for the fourth quarter of 2022 came in at $898.8 million. That’s well above the $785.38 million in revenue that Wall Street was expecting. It’s also a major increase compared to the $432 million reported in the fourth quarter of 2021.
Andrew Toy, CEO of Clover Health, said the following in the earnings report:
“Our achievements in 2022, including a material improvement in our full year Insurance MCR by over 1,400 basis points, are reflective of the continued maturation of our business and further demonstrate Clover Assistant’s ability to enable and manage a wide network of physicians to participate in value-based Medicare.”
CLOV Stock’s Future Is Bright
The company notes it expects to move closer to profitability in 2023. That includes its expectations for insurance revenue between $1.15 billion to $1.2 billion. That would mark a 6% to 11% increase compared to its insurance revenue in 2022.
With these earnings and outlook comes heavy trading of CLOV stock. As of this writing, more than 11 million shares are on the move. That’s well above its daily average trading volume of about 6.2 million shares. That momentum is also carrying CLOV stock 15.7% higher as of Tuesday morning.
There’s even more stock market news traders can sink their teeth into below!
InvestorPlace is home to all of the latest stock coverage traders need to know about on Tuesday! Among that is what has shares of Cardio Diagnostics (NASDAQ:CDIO), Digital World Acquisition (NASDAQ:DWAC), and Adamis Pharmaceuticals (NASDAQ:ADMP) stock rising today. You can find out more on these matters at the following links!
More Tuesday Stock Market News
- Why Is Cardio Diagnostics (CDIO) Stock Up 150% Today?
- Dear DWAC Stock Fans, Mark Your Calendars for June 8
- Adamis Pharmaceuticals (ADMP) Stock Wavers on Merger News
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.
