MultiPlan (NYSE:MPLN) Shares Gap Down Following Analyst Downgrade

MultiPlan Co. (NYSE:MPLN) shares gapped down before the market opened on Tuesday after Citigroup lowered their price target on the stock from $17.20 to $10.00. The stock had previously closed at $8.95, but opened at $8.71. Citigroup currently has a neutral rating on the stock. MultiPlan shares last traded at $8.08, with a volume of 29,321 shares trading hands.

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

Insider Activity at MultiPlan

In other news, SVP William B. Mintz acquired 81,165 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average price of $0.31 per share, with a total value of $25,161.15. Following the acquisition, the senior vice president now directly owns 2,009,736 shares in the company, valued at $623,018.16. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, SVP William B. Mintz acquired 81,165 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average cost of $0.31 per share, for a total transaction of $25,161.15. Following the completion of the purchase, the senior vice president now directly owns 2,009,736 shares in the company, valued at $623,018.16. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Travis Dalton bought 500,000 shares of MultiPlan stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average price of $0.37 per share, with a total value of $185,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 5,004,504 shares of the company’s stock, 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 currently owned by company insiders.

Hedge Funds Weigh In On MultiPlan

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

MultiPlan Trading Down 7.1 %

The company’s fifty day moving average is $0.30 and its 200-day moving average is $0.50. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 7.48. The firm has a market capitalization of $5.36 billion, a P/E ratio of -8.24 and a beta of 0.52.

MultiPlan (NYSE:MPLN) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $233.48 million during the quarter, compared to analysts’ expectations 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 in the previous year, the firm earned ($0.06) EPS. As a group, sell-side analysts anticipate that MultiPlan Co. will post -0.18 earnings per share for the current fiscal year.

MultiPlan Company Profile

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.