MultiPlan (NYSE:MPLN) Shares Down 5.4% – Here’s What Happened

MultiPlan Co. (NYSE:MPLN) fell 5.4% on Wednesday . The company traded as low as $7.66 and last traded at $7.67. 60,140 shares were traded during mid-day trading, a decline of 8% from the average session volume of 65,112 shares. The stock had previously closed at $8.11.

Analysts Set New Price Targets

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

MultiPlan Price Performance

The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 7.48. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of -9.18 and a beta of 0.52.

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, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $233.48 million during the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted ($0.06) EPS. On average, equities analysts predict that MultiPlan Co. will post -7.2 earnings per share for the current year.

Insider Activity

In other MultiPlan news, SVP William B. Mintz acquired 81,165 shares of the stock in a transaction dated 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 purchase, the senior vice president now directly owns 2,009,736 shares of the company’s stock, valued at approximately $623,018.16. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Travis Dalton purchased 500,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average price of $0.37 per share, with a total value of $185,000.00. Following the purchase, the chief executive officer now owns 5,004,504 shares of the company’s stock, valued at $1,851,666.48. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP William B. Mintz acquired 81,165 shares of MultiPlan stock in a transaction on Tuesday, August 6th. The shares were purchased at an average cost of $0.31 per share, with a total value of $25,161.15. Following the completion of the purchase, the senior vice president now directly owns 2,009,736 shares of the company’s stock, valued at approximately $623,018.16. This represents 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 over the last 90 days. 8.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MultiPlan

A number of institutional investors have recently bought and sold shares of MPLN. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in MultiPlan by 68.8% in the 1st 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 purchasing an additional 18,603 shares during the last quarter. Fore Capital LLC bought a new position in MultiPlan during the second quarter valued at approximately $37,000. Point72 DIFC Ltd bought a new stake in MultiPlan in the second quarter worth approximately $43,000. Cubist Systematic Strategies LLC acquired a new position in shares of MultiPlan during the 2nd quarter worth $72,000. Finally, Hsbc Holdings PLC raised its holdings in shares of MultiPlan by 68.7% during the 2nd 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 in the last quarter. 87.15% of the stock is currently owned by institutional investors and hedge funds.

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.