Earnings Previews: Clover Health, eBay, Lordstown Motors, Nio, Opendoor

Of a dozen firms that reported earnings before markets opened on Tuesday, eight beat estimates and four missed. That’s a significantly higher percentage of misses than we have been seeing.

We already have posted our previews of four stocks reporting results after markets close Tuesday or before the opening bell on Wednesday: Coinbase, FuboTV, Unity Software and Berkeley Lights.

Here is a preview of five more companies scheduled to release results after markets close on Wednesday.

Clover Health

Medicare Advantage provider Clover Health Investments Corp. (NASDAQ: CLOV), which came public in early January through a SPAC merger, has seen its stock drop in value by nearly 45%. That’s an improvement of 10 percentage points since the company reported first-quarter results in May. Late last month, the company reported that it would redeem all its outstanding public warrants. The announcement had little impact on the share price.

While the stock attracts a lot of attention from retail investors on Reddit, brokerages are much less enthusiastic. Of just three surveyed brokers covering the shares, there are no Buy ratings, one Hold rating and two Strong Sell ratings. At a recent price of around $9.10, the shares trade just above the median price target of $9.00. At the high target of $10, the upside potential is almost 10%.

Second-quarter revenue is forecast at $203.54 million, which is up 2.5% sequentially, and the quarterly loss per share is forecast to be $0.11, slightly better than the $0.13 per share loss in the first quarter. For the full year, Clover Health is expected to post a loss per share of $0.51, much better than the year-ago loss of $3.51. Revenue is expected to rise by more than 20% year over year to $811.49 million.

Clover Health is not expected to return a profit in 2021, 2022 or 2023. The stock currently trades at 3.6 times its enterprise value-to-sales (EV/S) ratio. That ratio is estimated at 2.8 in 2022 and 2.3 in 2023. The stock’s post IPO trading range is $6.31 to $28.85, and the company does not pay a dividend.

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