Is Clover Health Stock Too Dependent On One Group Of Members?

During an August 5, 2026 call, management at Clover Health Investments (CLOV) noted that nearly half of its Medicare Advantage members joined the company in 2025 or 2026. That matters because Clover typically earns less gross profit on a member in the first year than in the second, and the 2026 cohort is still navigating that initial period. Even so, the stock has returned 70% over the past twelve months, compared to 17.0% for the S&P 500. So where are all these new members coming from.