MP1 +41.46%: shares in the network connection service company ripped higher today on the back of a strong 3Q update, tearing up some profits for the short sellers which accounted for ~11% of shares on issue. Revenue for the quarter was in line, however, price hikes put through in March lifted their exit Monthly Recurring Revenue (MRR) run rate to $14.1m, up 14% from December thanks to lower-than-expected churn following the increase. There have been a number of management changes over recent months and now the new CEO looks to be getting to work, aiming to cut the headcount by 50, renegotiate cloud fees and reduce their costs by a total of $30m a year. Guidance was strong with FY24 numbers 25-30% ahead of consensus expectations.
MM is neutral MP1 – much of today’s move came from the short squeeze
Add To Hit List
