Here is why Clover Health Investments Corp. (CLOV) Stock went up 14.64% in Premarket Today

Clover Health Investments Corp. (CLOV) is rising on the charts today, up 13.53% to trade at $9.23 at last check-in premarket trading. On Wednesday, shares in Clover Health Investments Corp. fell -3.33% to close the day at $8.13. The volume of shares traded was 33.45 million, which is lower than the average volume over the last three months of 54.06 million. During the trading session, the stock oscillated between $8.015 and $8.4286.

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Most recent Happening

On August 11, 2021, Clover Health (Nasdaq: CLOV), reported its second-quarter results. An investor conference call will be held at 5:00 pm. E.T today. The company is scheduled to discuss its operations and other business highlights.

Financial Results

  • The company’s total revenue in the second quarter of 2021 was $412.5 million, up 139.7% from $172.1 million in the second quarter of 2020. Medicare Advantage premiums accounted for $195.4 million, and Direct Contracting revenue accounted for $216.4 million.
  • Clover had approximately 129,000 lives under management at quarter-end, which represents a 126.3 percent increase from June 30. On June 30, 2021, there were 66,566 Medicare Advantage members and 62,025 Direct Contracting members, respectively.
  • During the quarter, the GAAP Medicare Advantage MCR was 111.0%, compared with 70.1% in Q2 2020. In the quarter, the Normalized Medicare Advantage MCR (Non-GAAP) increased to 97.0%, compared with 97.5% for Q2 2020, which excludes COVID-19 and any changes to our prior period revenues and medical costs.
  • The overall salaries and benefits for this quarter were $107.8 million compared to $40.7 million for the second quarter of 2020, a rise of $67.1 million. A significant portion of this increase is attributable to capital gains expenses, which are not cash expenses.
  • Deficiency reserve expense for the second quarter was $27.9 million, anticipating a reserve needed for the remainder of 2021. A benefit of $11.3 million was realized in the second quarter of 2020.
  • According to GAAP, net (loss) income for the quarter was (317.5) million compared with net income of $5.4 million for the second quarter of 2020.

Lastly,

The company had an earnings per share ratio of -0.19. CLOV’s stock has gained 2.65% of its value in the previous five sessions and moved -8.75% over the past one month, but has lost -51.52% on a year-to-date basis. The stock’s 50-day moving average of $10.64 is above the 200-day moving average of $10.44. Moreover, the stock is currently trading at an RSI of 42.27.