To The Moon

Clover Health Investments pleased investors after Monday's closing bell by not only releasing Q2 results that beat on both lines, but also providing favorable updated 2024 guidance. The Medicare Advantage plan provider now sees full-year insurance revenue guidance of $1.35B-$1.375B up from $1.3B-$1.35B before. The medical cost ratio for 2024 is now expected at 77%-79%, down from 79%-81% prior. Clover Health was helped in the quarter by an 11% year-over-year increase in total revenue to $356.3M, as well as a medical cost ratio of 71.3%, compared to 77.2% in the year ago period.

Clover Health Investments reported quarterly sales of $482.07 million which missed the analyst consensus estimate of $494.60 million by 2.53 percent. This is a 43.74 percent decrease over sales of $856.82 million the same period last year.Clover Health shares tanked 12% in premarket trading Tuesday.Clover Health, a renowned healthcare provider, has recently made a significant revision to its projected 2023 Adjusted EBITDA outlook. As of November 6, 2023, the company has adjusted its estimated ea