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The Latest Update on Clover Health Investments Stock

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Clover Health Investments, Corp. CLOV shares are experiencing an upward trend on Tuesday. One of the driving factors behind this surge in stock price is a recent revision of analyst price target and the release of the company’s quarterly report.

What You Need to Know: Clover Health Investments announced its second-quarter results earlier this month. The company reported quarterly sales of $513.63 million, surpassing the analyst consensus estimate of $490.82 million. This represents a 39.34% decline compared to sales of $846.70 million in the same period last year.

Additionally, the company provided full-year 2023 EBITDA guidance, projecting losses ranging from $70 million to $120 million. This revised estimate is an improvement from the previous outlook of losses between $125 million and $175 million.

Clover’s stock also received a boost when Citigroup analyst Jason Cassorla reiterated a Neutral rating and increased the price target from $1 to $1.5 on August 11.

Over the past three months, the stock has seen a significant increase of 43.85%.

Related Link: Why BigBear.ai Stock Popped Today

CLOV Price Action: As of the time of publication, CLOV shares were trading at $1.38, marking a 12.2% increase, according to Benzinga Pro.

Image by Darko Stojanovic from Pixabay

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