MultiPlan (NYSE:MPLN) Shares Down 6.3% – Here’s What Happened

MultiPlan Co. (NYSE:MPLN)’s stock price traded down 6.3% during mid-day trading on Monday . The stock traded as low as $9.90 and last traded at $9.90. 3,268 shares traded hands during trading, a decline of 95% from the average session volume of 65,177 shares. The stock had previously closed at $10.57.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Citigroup reduced their target price on shares of MultiPlan from $17.20 to $10.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. Piper Sandler reaffirmed a “neutral” rating and set a $1.00 price objective (down previously from $2.00) on shares of MultiPlan in a research report on Wednesday, August 7th.

MultiPlan Trading Down 0.5 %

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 stock has a market capitalization of $6.78 billion, a PE ratio of -10.10 and a beta of 0.51.

MultiPlan (NYSE:MPLN) last released its quarterly earnings data 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 firm had revenue of $233.48 million during the quarter, compared to the consensus estimate of $253.59 million. During the same quarter in the previous year, the company posted ($0.06) earnings per share. On average, research analysts forecast that MultiPlan Co. will post -7.2 earnings per share for the current fiscal year.

Insider Buying and Selling at MultiPlan

In related news, SVP William B. Mintz acquired 81,165 shares of the firm’s 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 acquisition, the senior vice president now owns 2,009,736 shares of the company’s stock, valued at approximately $623,018.16. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP William B. Mintz acquired 81,165 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was purchased at an average price 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. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, 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 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 purchase, the chief financial officer now directly owns 4,721,428 shares in the company, valued at approximately $1,416,428.40. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 1,731,165 shares of company stock valued at $555,161. Corporate insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On MultiPlan

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC raised its stake in MultiPlan by 98.8% in the 1st 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. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position 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 valued at $37,000 after purchasing an additional 18,603 shares during the period. 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. Fore Capital LLC purchased a new stake in shares of MultiPlan during the 2nd quarter valued at approximately $37,000. Finally, Hsbc Holdings PLC boosted its holdings in MultiPlan by 68.7% in the 2nd quarter. Hsbc Holdings PLC now owns 218,459 shares of the company’s stock worth $87,000 after buying an additional 88,944 shares during the period. 87.15% of the stock is 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.