The Clover Health Investments Corp (NASDAQ:CLOV) stock has declined by 9% this morning after the company announced its financial results for the first quarter. In the first quarter, the company suffered a loss of $48.42 million.
On the other hand, Clover Health managed to generate revenues of $200.3 million, which beat analysts’ estimates by as much as $7.7 million. The company also provided projections for the financial year 2021. Clover Health expects the number of memberships for Medicare Advantage to be in the range between 68000 and 70000 on December 31, 2021.
That is going to reflect a year-on-year growth rate in the 17% to 21% range. The total revenues for the year are expected to be in the range between $810 million and $830 million. Analysts have estimated that the 2021 revenues are going to be $822.9 million. This morning, the Clover Health stock was downgraded by Bank of America from buy to neutral. The bank stated that the growth outlook was disappointing. The target price has also been reduced from $15 a share to $9 a share.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.