Clover Health Corp (CLOV) shares plummeted by 12.64% on November 7, 2024, after the healthcare technology company reported disappointing third-quarter financial results. The stock's sharp decline was primarily driven by concerns over the company's revenue miss and declining cash position.

For the third quarter, Clover Health reported revenue of $330.99 million, falling short of analysts' expectations of $346.28 million. While the company managed to beat earnings estimates by reporting a smaller-than-anticipated loss of $0.02 per share, the revenue shortfall overshadowed the positive earnings surprise.

Investors were particularly alarmed by the 20.9% decline in Clover Health's cash position compared to the end of Q3 2023. The dwindling cash reserves raised concerns about the company's financial health and ability to fund growth initiatives, further exacerbating the sell-off.