Citigroup Lowers MultiPlan (NYSE:MPLN) Price Target to $10.00

MultiPlan (NYSE:MPLN) had its price target decreased by research analysts at Citigroup from $17.20 to $10.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential upside of 35.32% from the company’s current price.

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

MultiPlan Stock Performance

NYSE MPLN opened at $7.39 on Monday. The company has a debt-to-equity ratio of 7.48, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market capitalization of $4.77 billion, a price-to-earnings ratio of -7.54 and a beta of 0.52. The company’s fifty day moving average is $0.47 and its two-hundred day moving average is $0.55. MultiPlan has a 52-week low of $6.35 and a 52-week high of $72.80.

MultiPlan (NYSE:MPLN) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $233.48 million during the quarter, compared to the consensus estimate of $253.59 million. MultiPlan had a negative net margin of 122.73% and a negative return on equity of 8.90%. During the same period last year, the firm earned ($0.06) EPS. Equities research analysts forecast that MultiPlan will post -0.18 EPS for the current year.

Insiders Place Their Bets

In other MultiPlan news, CFO Douglas Michael Garis purchased 1,150,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was bought at an average price of $0.30 per share, for a total transaction of $345,000.00. Following the transaction, the chief financial officer now directly owns 4,721,428 shares in the company, valued at $1,416,428.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Douglas Michael Garis acquired 1,150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average price of $0.30 per share, for a total transaction of $345,000.00. Following the completion of the acquisition, the chief financial officer now owns 4,721,428 shares in the company, valued at $1,416,428.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Travis Dalton acquired 500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average price of $0.37 per share, with a total value of $185,000.00. Following the acquisition, the chief executive officer now 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. Over the last three months, insiders purchased 1,731,165 shares of company stock valued at $555,161. Insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MPLN. Point72 DIFC Ltd acquired a new position in shares of MultiPlan in the second quarter valued at approximately $43,000. Cubist Systematic Strategies LLC acquired a new position in shares of MultiPlan in the second quarter valued at approximately $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of MultiPlan in the second quarter valued at approximately $245,000. Millennium Management LLC lifted its position 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 worth $3,273,000 after purchasing an additional 8,185,402 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position 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 worth $1,065,000 after purchasing an additional 2,178,590 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.