MultiPlan (NYSE:MPLN) Shares Down 6.3% – What’s Next?

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

Analyst Ratings Changes

A number of brokerages recently commented on MPLN. Citigroup decreased their price target on MultiPlan from $17.20 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, September 23rd. Piper Sandler reissued a “neutral” rating and issued a $1.00 target price (down from $2.00) on shares of MultiPlan in a report on Wednesday, August 7th.

MultiPlan Stock Down 1.8 %

The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 7.48. The firm has a market cap of $6.64 billion, a price-to-earnings ratio of -10.51 and a beta of 0.51.

MultiPlan (NYSE:MPLN) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $233.48 million for the quarter, compared to analyst estimates 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 in the previous year, the firm posted ($0.06) EPS. Equities research analysts expect that MultiPlan Co. will post -7.2 earnings per share for the current year.

Insider Transactions at MultiPlan

In other news, CFO Douglas Michael Garis acquired 1,150,000 shares of MultiPlan stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired 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 of the company’s stock, valued at approximately $1,416,428.40. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other MultiPlan news, CEO Travis Dalton purchased 500,000 shares of the business’s stock in a transaction dated 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 acquisition, 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas Michael Garis acquired 1,150,000 shares of MultiPlan stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired at an average cost of $0.30 per share, for a total transaction of $345,000.00. Following the purchase, the chief financial officer now owns 4,721,428 shares of the company’s stock, valued at $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 ninety days, insiders purchased 1,731,165 shares of company stock worth $555,161. Corporate insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MPLN. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of MultiPlan by 68.8% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 45,653 shares of the company’s stock worth $37,000 after acquiring an additional 18,603 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings 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 worth $331,000 after purchasing an additional 66,172 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of 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 purchasing an additional 88,944 shares during the period. Fore Capital LLC bought a new stake in shares of MultiPlan in the 2nd quarter valued at $37,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of MultiPlan during the second quarter worth $43,000. 87.15% of the stock is owned by institutional investors and hedge funds.

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.