Citigroup Trims MultiPlan (NYSE:MPLN) Target Price to $10.00

MultiPlan (NYSE:MPLN) had its price objective cut by stock analysts at Citigroup from $17.20 to $10.00 in a report issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential upside of 11.73% from the company’s previous close.

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

MultiPlan Trading Up 19.0 %

MPLN stock traded up $1.43 during midday trading on Monday, reaching $8.95. The company’s stock had a trading volume of 336,824 shares, compared to its average volume of 60,741. The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of -9.13 and a beta of 0.52. MultiPlan has a 1 year low of $6.36 and a 1 year high of $72.80. 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 stock has a fifty day simple moving average of $0.30 and a two-hundred day simple moving average of $0.50.

MultiPlan (NYSE:MPLN) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The company 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 8.90%. During the same quarter last year, the firm posted ($0.06) EPS. On average, equities research analysts predict that MultiPlan will post -0.18 EPS for the current year.

Insider Activity

In other MultiPlan news, CFO Douglas Michael Garis purchased 1,150,000 shares of MultiPlan stock in a transaction dated Tuesday, August 6th. The stock was acquired at an average price of $0.30 per share, for a total transaction of $345,000.00. Following the acquisition, the chief financial officer now owns 4,721,428 shares in the company, valued at approximately $1,416,428.40. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Travis Dalton acquired 500,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price of $0.37 per share, with a total value of $185,000.00. Following the completion of the transaction, the chief executive officer now directly owns 5,004,504 shares in the company, valued at $1,851,666.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Douglas Michael Garis bought 1,150,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was bought at an average price of $0.30 per share, for a total transaction of $345,000.00. Following 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 have bought 1,731,165 shares of company stock worth $555,161. Company insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MPLN. Charles Schwab Investment Management Inc. lifted its position in MultiPlan by 6.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,522,486 shares of the company’s stock valued at $12,272,000 after acquiring an additional 482,944 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of MultiPlan by 19.4% during the first 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 last quarter. Empowered Funds LLC grew its stake in MultiPlan by 98.8% during the 1st quarter. Empowered Funds LLC now owns 1,550,620 shares of the company’s stock valued at $1,258,000 after purchasing an additional 770,826 shares during the last quarter. Fore Capital LLC purchased a new stake in MultiPlan in the second quarter valued at approximately $37,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in shares of MultiPlan by 68.8% in 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 period. Hedge funds and other institutional investors 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.