MultiPlan (NYSE:MPLN) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

MultiPlan (NYSE:MPLN) issued its quarterly earnings data 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 firm had revenue of $233.48 million for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned ($0.06) EPS. MultiPlan updated its FY 2024 guidance to EPS.

MultiPlan Stock Down 4.9 %

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

Wall Street Analyst Weigh In

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 price objective for the company.

Insider Transactions at MultiPlan

In other news, Director Anthony Colaluca, Jr. acquired 160,000 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were purchased at an average cost of $0.60 per share, for a total transaction of $96,000.00. Following the transaction, the director now directly owns 220,000 shares in the company, valued at approximately $132,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 8.20% of the company’s stock.

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.