Clover down on founder's exit, 'conservative' 2022 forecast

Clover Health Investments

09/08/2022 11:19

** Clover Health Investments Corp's shares  CLOV.O  down
10.2% at $3.05 before the bell
    ** CEO and Founder Vivek Garipalli to exit the company,
effective Jan. 1, 2023  urn:newsml:reuters.com:*:nGNX1TycMD  
    ** Co's Co-founder and President Andrew Toy appointed as new
CEO 
    ** Co reaffirms outlook for 2022, with total revenue
expected to be in range of $3.0 bln-$3.4 bln 
    ** Brokerage Credit Suisse calls forecast "conservative" and
says weakness in direct contracting operations are a drag on
overall profitability
    ** Up to Friday's close, stock down ~9% YTD

 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))