MultiPlan (NYSE:MPLN) Sets New 52-Week Low Following Analyst Downgrade

MultiPlan Co. (NYSE:MPLN)’s stock price reached a new 52-week low during trading on Monday after Citigroup lowered their price target on the stock from $17.20 to $10.00. Citigroup currently has a neutral rating on the stock. MultiPlan traded as low as $6.36 and last traded at $7.89, with a volume of 5270 shares. The stock had previously closed at $7.52.

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

Insider Buying and Selling at MultiPlan

In other news, SVP William B. Mintz bought 81,165 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased 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 owns 2,009,736 shares of the company’s stock, valued at $623,018.16. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In other MultiPlan news, CEO Travis Dalton purchased 500,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was bought at an average cost of $0.37 per share, with a total value of $185,000.00. Following the acquisition, the chief executive officer now directly owns 5,004,504 shares of the company’s stock, valued at $1,851,666.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP William B. Mintz acquired 81,165 shares of the stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average cost of $0.31 per share, with a total value of $25,161.15. Following the completion of the transaction, the senior vice president now owns 2,009,736 shares in the company, valued at approximately $623,018.16. The disclosure for this purchase can be found here. Insiders have purchased 1,731,165 shares of company stock valued at $555,161 in the last quarter. Corporate insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Millennium Management LLC lifted its holdings in shares of MultiPlan by 3,401.0% in the 2nd 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 during the last quarter. AQR Capital Management LLC lifted its stake in 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 buying an additional 2,178,590 shares during the last quarter. Empowered Funds LLC boosted 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 acquiring an additional 770,826 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of MultiPlan during the second quarter worth approximately $245,000. Finally, Charles Schwab Investment Management Inc. increased its holdings 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 acquiring an additional 482,944 shares during the period. Institutional investors and hedge funds own 87.15% of the company’s stock.

MultiPlan Stock Down 17.4 %

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 50 day simple moving average of $0.61 and a two-hundred day simple moving average of $0.60. The company has a market capitalization of $4.77 billion, a PE ratio of -7.54 and a beta of 0.52.

MultiPlan (NYSE:MPLN) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.03) EPS for the quarter, beating 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 period last year, the firm earned ($0.06) EPS. Research analysts expect that MultiPlan Co. will post -0.18 EPS for the current year.

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.