MultiPlan (NYSE:MPLN) Stock Price Down 5.4%

MultiPlan Co. (NYSE:MPLN)’s stock price traded down 5.4% during mid-day trading on Wednesday . The stock traded as low as $7.66 and last traded at $7.67. 60,140 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 65,112 shares. The stock had previously closed at $8.11.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Citigroup decreased their target price on MultiPlan from $17.20 to $10.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd. Piper Sandler reissued a “neutral” rating and issued a $1.00 target price (down previously from $2.00) on shares of MultiPlan in a research report on Wednesday, August 7th.

MultiPlan Price Performance

The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 7.48. The company has a market capitalization of $5.02 billion, a price-to-earnings ratio of -8.28 and a beta of 0.52.

MultiPlan (NYSE:MPLN) last posted its quarterly earnings results 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 company had revenue of $233.48 million for the quarter, compared to the consensus estimate 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 prior year, the business posted ($0.06) EPS. As a group, analysts forecast that MultiPlan Co. will post -7.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MultiPlan news, SVP William B. Mintz bought 81,165 shares of the business’s stock in a transaction 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 purchase, the senior vice president now owns 2,009,736 shares in the company, valued at approximately $623,018.16. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other MultiPlan news, SVP William B. Mintz bought 81,165 shares of the business’s stock in a transaction 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 purchase, the senior vice president now owns 2,009,736 shares in the company, valued at approximately $623,018.16. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Travis Dalton bought 500,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were acquired at an average price of $0.37 per share, for a total transaction of $185,000.00. Following the completion of the purchase, 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 have purchased 1,731,165 shares of company stock worth $555,161 in the last 90 days. Insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On MultiPlan

A number of institutional investors and hedge funds have recently modified their holdings of MPLN. Millennium Management LLC raised its holdings in MultiPlan by 3,401.0% in the 2nd quarter. Millennium Management LLC now owns 8,426,081 shares of the company’s stock worth $3,273,000 after purchasing an additional 8,185,402 shares during the period. AQR Capital Management LLC raised its holdings in MultiPlan by 386.2% in the 2nd quarter. AQR Capital Management LLC now owns 2,742,735 shares of the company’s stock worth $1,065,000 after purchasing an additional 2,178,590 shares during the period. Empowered Funds LLC raised its holdings in MultiPlan by 98.8% in the 1st 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. Point72 Asia Singapore Pte. Ltd. bought a new position in MultiPlan in the 2nd quarter worth $245,000. Finally, Cubist Systematic Strategies LLC bought a new position in MultiPlan in the 2nd quarter worth $72,000. 87.15% of the stock is currently owned by hedge funds and other institutional investors.

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.