MultiPlan (NYSE:MPLN) Trading Up 6.8%

MultiPlan Co. (NYSE:MPLN) shares were up 6.8% during mid-day trading on Tuesday . The company traded as high as $8.49 and last traded at $8.16. Approximately 88,863 shares were traded during trading, an increase of 37% from the average daily volume of 65,014 shares. The stock had previously closed at $7.64.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MPLN shares. Piper Sandler restated a “neutral” rating and set a $1.00 price objective (down from $2.00) on shares of MultiPlan in a research report on Wednesday, August 7th. Citigroup lowered their price objective on MultiPlan from $17.20 to $10.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd.

MultiPlan Stock Performance

The stock has a market capitalization of $5.23 billion, a PE ratio of -8.66 and a beta of 0.52. The company has a debt-to-equity ratio of 7.48, a current ratio of 1.06 and a quick ratio of 1.06.

MultiPlan (NYSE:MPLN) last released its 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. MultiPlan had a negative return on equity of 8.90% and a negative net margin of 122.73%. The business had revenue of $233.48 million during the quarter, compared to analysts’ expectations of $253.59 million. During the same quarter last year, the firm posted ($0.06) earnings per share. On average, research analysts predict that MultiPlan Co. will post -7.2 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On MultiPlan

Hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its holdings in shares of MultiPlan by 3,401.0% in the second quarter. Millennium Management LLC now owns 8,426,081 shares of the company’s stock valued at $3,273,000 after purchasing an additional 8,185,402 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of MultiPlan by 386.2% in the second quarter. AQR Capital Management LLC now owns 2,742,735 shares of the company’s stock valued at $1,065,000 after purchasing an additional 2,178,590 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of MultiPlan by 98.8% in the first 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of MultiPlan in the second quarter valued at approximately $245,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings 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 in the last quarter. Institutional investors and hedge funds own 87.15% of the company’s stock.

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.