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      Clover Health Investments, Corp. (CLOV) Bearish in the After-hours - Stocks Telegraph

      By Gule Rukhsar

      Published on

      November 16, 2021

      5:52 AM UTC

      Last Updated on

      November 18, 2021

      10:42 AM UTC

      Clover Health Investments, Corp. (CLOV) Bearish in the After-hours - Stocks Telegraph

      Clover Health Investments, Corp. (CLOV) stock falls down to $6.87 in the after-hours, versus its close at $7.56 on November 15. The stock saw an increase of 5.59% during intraday trading, followed by a 9.13% decrease at a volume of 4.69M after hours. CLOV traded between $7.25 and $7.68 during the day. The stock saw a high of $28.85 and a low of $6.31 in the previous 52 weeks. Clover Health Investments, Corp. has a market capitalization of $3.24 billion currently.

      The fall in the stock was seen after CLOV announced the proposed public offering of class A common stock on November 15. Previously, CLOV had been on an uptrend since it announced the expectations of an average number of direct contracting lives to double by 2022.

      Clover Health Investments, Corp. is a technology company committed to improving health equity for seniors, using its flagship software platform for the Clover Assistant.

      CLOV’s Public Offering

      According to the announcement, Clover Health commenced an underwritten public offering of 35,000,000 shares of its Class A common stock. Along with the offering, CLOV will also grant a 30-day option for the purchase of 5,250,000 additional shares to the underwriters. Moreover, the details of the offering, like its completion, actual size, terms etc. depend upon the market and other conditions.

      According to the company, the net proceeds from this offering will be used for working capital and general corporate purposes.

      CLOV’s Q3 Report

      On November 9, Clover Health disclosed its financial results for the quarter ended September 30, 2021. According to the results, the total revenue was $427.2 million, going up by 153% from $169 million in the third quarter of 2020. The lives under Clover management also increased by 125% Year over Year to 129,100 approx. at the quarter-end.

      Furthermore, the GAAP net loss for the third quarter of 2021 was $34.5 million as compared to a net income of $12.8 million for that of 2020. This quarter led to a net loss per basic and diluted share of $0.08, against the earning per basic and diluted share of $0.03 for that of 2020.

      As of September 30, 2021, the cash, cash equivalents and investments totaled $588.7 million.

      New Developments

      The company stated that CLOV has recently launched various new features for the Clover Assistant. These features include: improved PCP workflows, interoperability features and easy access to specialist support services for oncology.

      The president and CTO of Clover Health promised a better outlook for the company’s future as it enters 2022.

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