MultiPlan (NYSE:MPLN) Shares Up 10% – What’s Next?

Shares of MultiPlan Co. (NYSE:MPLN) were up 10% during trading on Thursday . The stock traded as high as $12.40 and last traded at $12.16. Approximately 34,357 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 64,658 shares. The stock had previously closed at $11.05.

Wall Street Analyst Weigh In

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

MultiPlan Stock Down 3.6 %

The firm has a market capitalization of $7.53 billion, a P/E ratio of -11.97 and a beta of 0.51. The company has a debt-to-equity ratio of 7.48, a quick ratio of 1.06 and a current ratio of 1.06.

MultiPlan (NYSE:MPLN) last issued its earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The firm 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 quarter last year, the business posted ($0.06) earnings per share. On average, equities research analysts forecast that MultiPlan Co. will post -7.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Douglas Michael Garis purchased 1,150,000 shares of MultiPlan stock in a transaction dated Tuesday, August 6th. The shares were bought at an average cost 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 approximately $1,416,428.40. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Travis Dalton purchased 500,000 shares of MultiPlan stock in a transaction on Wednesday, August 7th. The shares were purchased at an average price of $0.37 per share, for a total transaction of $185,000.00. Following the transaction, the chief executive officer now owns 5,004,504 shares of the company’s stock, valued at approximately $1,851,666.48. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Douglas Michael Garis acquired 1,150,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were bought at an average price of $0.30 per share, with a total value of $345,000.00. Following the completion of the transaction, the chief financial officer now directly 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. Insiders bought a total of 1,731,165 shares of company stock valued at $555,161 in the last 90 days. Corporate insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased 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 buying an additional 18,603 shares during the period. Fore Capital LLC bought a new position in shares of MultiPlan in the 2nd quarter worth about $37,000. Point72 DIFC Ltd acquired a new position in shares of MultiPlan in the 2nd quarter valued at about $43,000. Cubist Systematic Strategies LLC bought a new stake in shares of MultiPlan during the 2nd quarter valued at about $72,000. Finally, Hsbc Holdings PLC grew its stake in MultiPlan by 68.7% during the second 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. Institutional investors 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.