MultiPlan (NYSE:MPLN) Shares Down 5.5% – Here’s Why

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

Analyst Ratings Changes

A number of equities analysts recently commented on MPLN shares. Citigroup decreased 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. Piper Sandler reaffirmed a “neutral” rating and issued a $40.00 price objective (down previously from $80.00) on shares of MultiPlan in a research note on Wednesday, August 7th.

MultiPlan Trading Down 8.9 %

The firm has a market cap of $6.47 billion, a price-to-earnings ratio of -10.32 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 earnings results on Thursday, August 1st. The company reported ($1.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.60) by $0.40. MultiPlan had a negative net margin of 122.73% and a negative return on equity of 8.90%. The company had revenue of $233.48 million for the quarter, compared to analysts’ expectations of $253.59 million. During the same quarter in the previous year, the company earned ($2.40) EPS. As a group, equities research analysts forecast that MultiPlan Co. will post -7.2 EPS for the current fiscal year.

Insider Transactions at MultiPlan

In related news, SVP William B. Mintz acquired 2,029 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was acquired at an average cost of $12.40 per share, with a total value of $25,159.60. Following the acquisition, the senior vice president now directly owns 50,243 shares in the company, valued at $623,013.20. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Douglas Michael Garis bought 28,750 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average cost of $12.00 per share, for a total transaction of $345,000.00. Following the completion of the transaction, the chief financial officer now owns 118,035 shares of the company’s stock, valued at approximately $1,416,420. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP William B. Mintz purchased 2,029 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average cost of $12.40 per share, with a total value of $25,159.60. Following the completion of the purchase, the senior vice president now owns 50,243 shares of the company’s stock, valued at $623,013.20. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 43,279 shares of company stock valued at $555,160 over the last 90 days. Company insiders own 8.20% of the company’s stock.

Institutional Trading of MultiPlan

Several hedge funds have recently modified their holdings of the company. Empowered Funds LLC increased its holdings in shares of MultiPlan by 98.8% in the 1st quarter. Empowered Funds LLC now owns 1,550,620 shares of the company’s stock worth $1,258,000 after buying an additional 770,826 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in MultiPlan by 68.8% in 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 in the last quarter. Price T Rowe Associates Inc. MD grew its position in MultiPlan by 19.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 407,105 shares of the company’s stock worth $331,000 after acquiring an additional 66,172 shares in the last quarter. Fore Capital LLC bought a new stake in MultiPlan during the second quarter worth approximately $37,000. Finally, Hsbc Holdings PLC raised 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 purchasing an additional 88,944 shares during the period. 87.15% of the stock is owned by hedge funds and other institutional investors.

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.