Babylon (NYSE:BBLN) stock is falling on Wednesday after the health services company revealed earnings and a plan to go private.
Starting with that earnings report, Babylon’s diluted EPS came in at -$2.53. That’s wider than the -$2.47 per share that Wall Street was expecting. It’s also worse than the -$1.71 per share reported in the same period of the year prior.
Not helping matters is the company’s revenue of $311.13 million. Yet again, that’s below analysts’ estimate of $336.88 million for the quarter. However, it is up 16.8% year-over-year from $266.45 million.
Investors will also note that Babylon has pulled its outlook for the full year of 2023, as well as its mid-2024 guidance. This is due to that going private plan mentioned above.
BBLN Stock Going Private
Babylon has announced an agreement with AlbaCore Capital LLP that will provide it with the funds needed to take the company private. This will see the firm provide it with up to $34.5 million for the plan. This will also see the two work together on the restructuring and recapitalization of the company.
With all of this news comes strong trading of BBLN stock today. As of this writing, more than 428,000 shares of the stock have been traded. That’s already well above its daily average trading volume of about 44,000 shares.
BBLN stock is down 56.7% as of Wednesday morning following today’s earnings and going private news.
Investors on the lookout for more of the most recent stock market news will want to keep reading!
We’ve got all of the hottest stock market stories traders need to know about on Wednesday! A few examples include why shares of CTI BioPharma (NASDAQ:CTIC) and Unique Fabricating (NYSEMKT:UFAB) stock are up, as well as the biggest pre-market stock movers this morning. You can find all this news at the links below!
More Stock Market News For Wednesday
- Why Is CTI BioPharma (CTIC) Stock Up 85% Today?
- Why Is Unique Fabricating (UFAB) Stock Up 95% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.