MultiPlan (NYSE:MPLN) Sees Large Volume Increase – Here’s Why

MultiPlan Co. (NYSE:MPLN) saw unusually-strong trading volume on Wednesday . Approximately 76,264 shares changed hands during trading, an increase of 17% from the previous session’s volume of 65,379 shares.The stock last traded at $11.74 and had previously closed at $10.71.

Wall Street Analysts Forecast Growth

MPLN has been the subject of several research reports. 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. Citigroup decreased their price objective on MultiPlan from $17.20 to $10.00 and set a “neutral” rating for the company in a report on Monday, September 23rd.

MultiPlan Stock Performance

The company has a market capitalization of $170.60 million, a P/E ratio of -0.15 and a beta of 0.51. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 7.48.

MultiPlan (NYSE:MPLN) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $233.48 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted ($0.06) EPS. On average, analysts expect that MultiPlan Co. will post -7.2 EPS for the current fiscal year.

Insider Buying and Selling

In other MultiPlan news, 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 cost of $0.37 per share, for a total transaction of $185,000.00. Following the purchase, the chief executive officer now owns 5,004,504 shares in the company, valued at approximately $1,851,666.48. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Travis Dalton acquired 500,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price of $0.37 per share, for a total transaction of $185,000.00. Following the completion of the transaction, the chief executive officer now directly owns 5,004,504 shares in the company, valued at approximately $1,851,666.48. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP William B. Mintz bought 81,165 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average price of $0.31 per share, for a total transaction of $25,161.15. Following the acquisition, the senior vice president now directly owns 2,009,736 shares of the company’s stock, valued at $623,018.16. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 1,731,165 shares of company stock worth $555,161 in the last three months. Insiders own 8.00% of the company’s stock.

Institutional Trading of MultiPlan

A number of hedge funds have recently bought and sold shares of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of MultiPlan by 68.8% during the 1st 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 grew its position in MultiPlan by 19.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 407,105 shares of the company’s stock valued at $331,000 after buying an additional 66,172 shares during the period. Hsbc Holdings PLC grew its position in MultiPlan by 68.7% during the second quarter. Hsbc Holdings PLC now owns 218,459 shares of the company’s stock valued at $87,000 after buying an additional 88,944 shares during the period. Fore Capital LLC purchased a new stake in MultiPlan during the second quarter valued at approximately $37,000. Finally, Point72 DIFC Ltd bought a new position in MultiPlan in the second quarter worth approximately $43,000. Hedge funds and other 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.