RTTNews | Aug 12, 2021 07:42AM EDT

07:42 Thursday, August 12, 2021 (RTTNews.com) - Shares of Clover Health Investments, Corp. (CLOV) are up more than 15% in pre-market on Thursday after the company reported more than 100% growth in second-quarter revenue.

Revenue for the second quarter grew 139.7% to 412.5 million from $172.1 million last year due primarily to the launch of Direct Contracting.

Net premiums earned increased to $195.36 million from $170.32 million last year.

Net loss was $317.6 million compared with net income of 5.4 million a year ago. In the second quarter, the company had a non-cash loss of $134.5 million relating to the change in the fair value of the public and private placement warrants.

For the full year, revenues are expected to be in the range of $1.4 billion to $1.5 billion.

CLOV closed Wednesday's trade at $8.13, down 3.33%. The stock is currently at $9.38.

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