MultiPlan (NYSE:MPLN) Coverage Initiated at Piper Sandler

Analysts at Piper Sandler began coverage on shares of MultiPlan (NYSE:MPLN) in a note issued to investors on Wednesday, Marketbeat reports. The firm set a “neutral” rating and a $2.00 price target on the stock. Piper Sandler’s target price points to a potential upside of 377.78% from the company’s previous close.

MultiPlan Stock Performance

Shares of NYSE MPLN opened at $0.42 on Wednesday. The company has a debt-to-equity ratio of 3.85, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $269.94 million, a P/E ratio of -0.43 and a beta of 0.61. The stock has a fifty day moving average price of $0.54 and a two-hundred day moving average price of $0.91. MultiPlan has a 1 year low of $0.33 and a 1 year high of $2.29.

MultiPlan (NYSE:MPLN) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.03) earnings per share (EPS) for the quarter. The company had revenue of $234.51 million during the quarter. MultiPlan had a negative net margin of 65.83% and a negative return on equity of 8.11%.

Insider Buying and Selling

In other news, Director Anthony Colaluca, Jr. bought 160,000 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were bought at an average cost of $0.60 per share, with a total value of $96,000.00. Following the transaction, the director now directly owns 220,000 shares in the company, valued at approximately $132,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 8.20% of the stock is currently owned by corporate insiders.

Institutional Trading of MultiPlan

Several large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its stake in 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 buying an additional 482,944 shares during the last quarter. Atalaya Capital Management LP increased its stake in shares of MultiPlan by 16.6% in the fourth quarter. Atalaya Capital Management LP now owns 1,755,664 shares of the company’s stock worth $2,528,000 after purchasing an additional 250,000 shares during the period. Empowered Funds LLC increased its stake 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 worth $1,258,000 after purchasing an additional 770,826 shares during the period. Swiss National Bank lifted its position in shares of MultiPlan by 19.5% during the 3rd quarter. Swiss National Bank now owns 581,900 shares of the company’s stock worth $978,000 after purchasing an additional 94,900 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in MultiPlan by 19.4% during the 1st 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. Institutional investors own 87.15% of the company’s stock.

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.