MultiPlan Stock Set to Reverse Split on Monday, September 23rd (NYSE:MPLN)

MultiPlan Co. (NYSE:MPLN)’s stock is going to reverse split on the morning of Monday, September 23rd. The 1-40 reverse split was announced on Tuesday, September 10th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, September 20th.

MultiPlan Price Performance

NYSE:MPLN opened at $0.23 on Friday. MultiPlan has a 52 week low of $0.17 and a 52 week high of $1.82. The company has a debt-to-equity ratio of 7.48, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market capitalization of $147.67 million, a price-to-earnings ratio of -0.23 and a beta of 0.52. The company has a 50-day moving average of $0.31 and a 200-day moving average of $0.53.

MultiPlan (NYSE:MPLN) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $233.48 million for the quarter, compared to analyst estimates of $253.59 million. MultiPlan had a negative return on equity of 8.90% and a negative net margin of 122.73%. During the same period in the prior year, the company posted ($0.06) EPS. As a group, equities research analysts anticipate that MultiPlan will post -0.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Piper Sandler reaffirmed a “neutral” rating and issued a $1.00 target price (down previously from $2.00) on shares of MultiPlan in a report on Wednesday, August 7th.

Insider Transactions at MultiPlan

In other MultiPlan news, CFO Douglas Michael Garis purchased 1,150,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average cost of $0.30 per share, with a total value of $345,000.00. Following the acquisition, the chief financial officer now directly owns 4,721,428 shares of the company’s stock, valued at approximately $1,416,428.40. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP William B. Mintz bought 81,165 shares of MultiPlan stock in a transaction dated Tuesday, August 6th. The shares were bought at an average cost of $0.31 per share, for a total transaction of $25,161.15. Following the completion of the transaction, the senior vice president now owns 2,009,736 shares of the company’s stock, valued at $623,018.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Douglas Michael Garis purchased 1,150,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were bought at an average cost of $0.30 per share, for a total transaction of $345,000.00. Following the completion of the purchase, the chief financial officer now directly owns 4,721,428 shares of the company’s stock, valued at $1,416,428.40. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 1,731,165 shares of company stock valued at $555,161. Corporate insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MPLN. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of MultiPlan by 68.8% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 45,653 shares of the company’s stock worth $37,000 after acquiring an additional 18,603 shares during the last quarter. Fore Capital LLC acquired a new stake in MultiPlan in the second quarter worth about $37,000. Point72 DIFC Ltd bought a new stake in MultiPlan during the 2nd quarter worth about $43,000. Cubist Systematic Strategies LLC acquired a new position in MultiPlan during the 2nd quarter valued at about $72,000. Finally, Hsbc Holdings PLC boosted its stake in shares of MultiPlan by 68.7% in the 2nd quarter. Hsbc Holdings PLC now owns 218,459 shares of the company’s stock valued at $87,000 after purchasing an additional 88,944 shares during the last quarter. Institutional investors and hedge funds own 87.15% 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.