Why Clover Health Shares Are Surging Higher Today

Clover Health Investments Corp CLOV is trading higher Thursday after the company announced better-than-expected second-quarter financial results and issued guidance above estimates.

Clover Health reported quarterly revenue of $412.5 million, more than doubling the estimate of $205.38 million and representing a 140% increase year over year.

The company expects full-year 2021 revenue to be in a range of $1.4 billion to $1.5 billion versus the estimate of $811.48 million.

"Clover took another step in its journey to improve every life with the launch of Direct Contracting this past quarter. This milestone more than doubled our revenue and nearly doubled lives under Clover Assistant management," said Vivek Garipalli, CEO of Clover Health.

Clover Health is a healthcare technology company that uses its proprietary technology platform to analyze health and behavioral data in order to improve medical outcomes and lower costs for patients.

Price Action: Clover Health has traded as high as $28.85 and as low as $6.31 over a 52-week period. 

At last check Thursday, the stock was up 17.80% at $9.58.