Why Clover Health Stock Is Surging After Hours

Clover Health Investments Corp CLOV shares are trading higher in Monday's after-hours session after the company reported better-than-expected top-line results and reaffirmed guidance.

Clover Health reported first-quarter revenue of $874.4 million, which beat the $787.34-million estimate. The company reported an adjusted net loss of $75.3 million. 

Lives under management reached approximately 257,000 during the quarter, up from about 66,000 year-over-year.

"We are cautiously optimistic about the remainder of 2022, and are maintaining our expectations for a meaningful improvement over last year," said Mark Herbers, interim CFO of Clover Health.

Clover Health reaffirmed expectations for full-year 2022 revenue of $3 billion to $3.4 billion versus the $3.24-billion estimate. 

See Also: Why Novavax Shares Are Falling After Hours

CLOV 52-Week Range: $1.95-$28.85.

According to data from Benzinga Pro, the stock was up 16.6% in after hours trading.