MultiPlan (NYSE:MPLN) Posts Earnings Results, Beats Estimates By $0.01 EPS

MultiPlan (NYSE:MPLN) announced its earnings results on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01, Zacks reports. The business had revenue of $233.48 million during the quarter, compared to analysts’ expectations of $253.59 million. MultiPlan had a negative net margin of 122.73% and a negative return on equity of 7.54%. During the same quarter last year, the company posted ($0.06) EPS. MultiPlan updated its FY 2024 guidance to EPS.

MultiPlan Price Performance

Shares of MultiPlan stock traded down $0.02 during mid-day trading on Friday, reaching $0.34. 952,633 shares of the stock were exchanged, compared to its average volume of 1,347,232. The company has a market cap of $220.87 million, a price-to-earnings ratio of -0.35 and a beta of 0.56. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 3.85. The firm has a 50-day simple moving average of $0.42 and a 200 day simple moving average of $0.71. MultiPlan has a fifty-two week low of $0.26 and a fifty-two week high of $2.16.

Insider Buying and Selling

In related news, Director Anthony Colaluca, Jr. acquired 160,000 shares of the stock in a transaction on Thursday, May 16th. The stock was purchased at an average price of $0.60 per share, for a total transaction of $96,000.00. Following the transaction, the director now owns 220,000 shares of the company’s stock, valued at approximately $132,000. The acquisition was disclosed in a filing with the SEC, which is available through this link. 8.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler initiated coverage on shares of MultiPlan in a research report on Wednesday, June 26th. They set a “neutral” rating and a $2.00 target price for the company.

About MultiPlan

MultiPlan Corporation, together with its subsidiaries, provides data analytics and technology-enabled cost management, payment, and revenue integrity solutions to the healthcare industry in the United States. The company offers analytics-based services that reduce medical costs, through data-driven algorithms and insights that detect claims over-charges and negotiate or recommend reimbursement; and network-based services that provide contracted discounts with healthcare providers, as well as outsourced network development and management services.