Shares of healthcare access services provider Clover Health Investments (NASDAQ:CLOV) are trending upwards today after the company posted healthy fourth-quarter numbers.
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During the quarter, revenue surged 108% year-over-year to $898.8 million. Further, the adjusted EBITDA loss narrowed to $81.1 million from $87.4 million a year ago. The company is witnessing an improvement in insurance MCR, an uptick in insurance revenue, and a moderation in operating expenses.
For the full-year 2022, insurance MCR came in at 91.8% owing to favorable operational trends. Non-insurance MCR for the year stood at 103.4%. At the end of the year, Clover had a cash pile of $555.3 million.
Looking ahead, for 2023, Clover expects insurance revenue to land between $1.15 billion and $1.20 billion. Non-insurance revenue is seen landing between $0.75 billion and $0.80 billion. Adjusted EBITDA loss is expected between $155 million and $205 million.
Overall, Wall Street has a consensus price target of $1.25 on CLOV, implying the stock may be fairly priced at the current level. That’s after a nearly 57% side in the share price over the past year.
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