MultiPlan (NYSE:MPLN) Trading Down 5.5% – Time to Sell?

MultiPlan Co. (NYSE:MPLN)’s share price dropped 5.5% during mid-day trading on Monday . The stock traded as low as $11.04 and last traded at $11.04. Approximately 4,049 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 64,345 shares. The stock had previously closed at $11.68.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MPLN. Citigroup cut their price target on shares of MultiPlan from $17.20 to $10.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. Piper Sandler restated a “neutral” rating and issued a $1.00 price target (down previously from $2.00) on shares of MultiPlan in a research note on Wednesday, August 7th.

MultiPlan Trading Down 5.7 %

The firm has a market cap of $7.11 billion, a price-to-earnings ratio of -11.22 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 released its quarterly earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share (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 the consensus estimate 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 last year, the business posted ($0.06) EPS. As a group, analysts anticipate that MultiPlan Co. will post -7.2 EPS for the current fiscal year.

Insider Buying and Selling at MultiPlan

In other MultiPlan news, SVP William B. Mintz acquired 81,165 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average price of $0.31 per share, with a total value of $25,161.15. Following the completion of the acquisition, the senior vice president now owns 2,009,736 shares in the company, valued at $623,018.16. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other MultiPlan news, SVP William B. Mintz bought 81,165 shares of MultiPlan stock in a transaction on Tuesday, August 6th. The stock was acquired at an average cost of $0.31 per share, with a total value of $25,161.15. Following the completion of the acquisition, the senior vice president now owns 2,009,736 shares in the company, valued at approximately $623,018.16. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Travis Dalton purchased 500,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average price of $0.37 per share, for a total transaction of $185,000.00. Following the purchase, the chief executive officer now directly owns 5,004,504 shares in the company, valued at approximately $1,851,666.48. 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 worth $555,161 in the last three months. 8.20% of the stock is currently owned by company insiders.

Institutional Trading of MultiPlan

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC grew its stake in shares of MultiPlan by 3,401.0% during the 2nd quarter. Millennium Management LLC now owns 8,426,081 shares of the company’s stock valued at $3,273,000 after acquiring an additional 8,185,402 shares during the period. AQR Capital Management LLC boosted 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 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of MultiPlan during the 2nd quarter valued at $245,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of MultiPlan during the 2nd quarter valued at $72,000. Hedge funds and other 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.