MultiPlan (NYSE:MPLN) Shares Scheduled to Reverse Split on Monday, September 23rd

Shares of MultiPlan Co. (NYSE:MPLN) are going to reverse split before the market opens on 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 market closes on Friday, September 20th.

MultiPlan Stock Performance

MPLN opened at $0.24 on Thursday. The firm has a market capitalization of $153.48 million, a P/E ratio of -0.24 and a beta of 0.52. The stock’s 50 day moving average price is $0.31 and its two-hundred day moving average price is $0.51. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 7.48. MultiPlan has a 12-month low of $0.17 and a 12-month high of $1.82.

MultiPlan (NYSE:MPLN) last released its earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The firm 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 quarter last year, the firm posted ($0.06) EPS. On average, equities analysts forecast that MultiPlan will post -0.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other MultiPlan news, CEO Travis Dalton acquired 500,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was purchased at an average price of $0.37 per share, for a total transaction of $185,000.00. Following the transaction, the chief executive officer now owns 5,004,504 shares in the company, valued at approximately $1,851,666.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other MultiPlan news, CFO Douglas Michael Garis acquired 1,150,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was purchased at an average price of $0.30 per share, for a total transaction of $345,000.00. Following the transaction, the chief financial officer now owns 4,721,428 shares in the company, valued at approximately $1,416,428.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Travis Dalton acquired 500,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average price of $0.37 per share, with a total value of $185,000.00. Following the transaction, the chief executive officer now owns 5,004,504 shares in the company, valued at approximately $1,851,666.48. The disclosure for this purchase can be found here. Insiders purchased 1,731,165 shares of company stock worth $555,161 in the last 90 days. 8.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On MultiPlan

Hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its stake in shares of MultiPlan by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,522,486 shares of the company’s stock valued at $12,272,000 after buying an additional 482,944 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of MultiPlan by 19.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 407,105 shares of the company’s stock valued at $331,000 after buying an additional 66,172 shares during the period. Empowered Funds LLC increased its stake in shares of MultiPlan by 98.8% in the 1st quarter. Empowered Funds LLC now owns 1,550,620 shares of the company’s stock valued at $1,258,000 after buying an additional 770,826 shares during the period. Fore Capital LLC acquired a new stake in shares of MultiPlan during the second quarter worth $37,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake 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 purchasing an additional 18,603 shares during the period. 87.15% of the stock is owned by institutional investors and hedge funds.

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.