Here's Why Clover Health Is Falling Today
The stock market was having a modestly strong start to the day on Tuesday, with all three major averages in the green by less than 1% at 10 a.m. EST. However, Medicare disruptor Clover Health (NASDAQ: CLOV) was a major underperformer, with shares down by 10% after falling as much as 12% earlier in the day.
Today's move isn't earnings related. Instead, Clover announced after the close on Monday that it plans to sell 35 million new shares to the public to raise capital. Underwriters will have the option to purchase an additional 5.25 million shares, so more than 40 million shares could potentially be issued.
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Source Fool.com