MultiPlan (NYSE:MPLN) Sees Large Volume Increase – Here’s Why

MultiPlan Co. (NYSE:MPLN) saw an uptick in trading volume on Wednesday . 76,264 shares were traded during mid-day trading, an increase of 17% from the previous session’s volume of 65,379 shares.The stock last traded at $11.74 and had previously closed at $10.71.

Analyst Ratings Changes

Several research firms have commented on MPLN. Citigroup dropped their price objective 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 reaffirmed a “neutral” rating and set a $1.00 price objective (down from $2.00) on shares of MultiPlan in a report on Wednesday, August 7th.

MultiPlan Trading Down 3.4 %

The stock has a market cap of $6.67 billion, a price-to-earnings ratio of -11.58 and a beta of 0.51. The company has a debt-to-equity ratio of 7.48, a current ratio of 1.06 and a quick ratio of 1.06.

MultiPlan (NYSE:MPLN) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. MultiPlan had a negative return on equity of 8.90% and a negative net margin of 122.73%. The firm had revenue of $233.48 million for the quarter, compared to analysts’ expectations of $253.59 million. During the same period in the prior year, the business posted ($0.06) earnings per share. On average, sell-side analysts predict that MultiPlan Co. will post -7.2 EPS for the current year.

Insider Buying and Selling

In related news, SVP William B. Mintz acquired 81,165 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average cost of $0.31 per share, for a total transaction of $25,161.15. Following the completion of the transaction, the senior vice president now owns 2,009,736 shares in the company, valued at approximately $623,018.16. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other MultiPlan news, CEO Travis Dalton purchased 500,000 shares of MultiPlan stock in a transaction on Wednesday, August 7th. The shares were acquired at an average cost of $0.37 per share, for a total transaction of $185,000.00. Following the completion of the transaction, the chief executive officer now directly owns 5,004,504 shares of the company’s stock, valued at approximately $1,851,666.48. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP William B. Mintz purchased 81,165 shares of MultiPlan stock in a transaction on Tuesday, August 6th. The shares were acquired at an average price of $0.31 per share, for a total transaction of $25,161.15. Following the completion of the transaction, the senior vice president now directly owns 2,009,736 shares of the company’s stock, valued at approximately $623,018.16. 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 three months, insiders have purchased 1,731,165 shares of company stock worth $555,161. Insiders own 8.20% of the company’s stock.

Institutional Trading of MultiPlan

A number of institutional investors have recently made changes to their positions in the stock. Point72 DIFC Ltd purchased a new stake in shares of MultiPlan during the second quarter valued at approximately $43,000. Cubist Systematic Strategies LLC purchased a new stake in MultiPlan in the second quarter worth $72,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in MultiPlan in the second quarter worth $245,000. Millennium Management LLC lifted its stake in MultiPlan by 3,401.0% in the second quarter. Millennium Management LLC now owns 8,426,081 shares of the company’s stock worth $3,273,000 after acquiring an additional 8,185,402 shares during the period. Finally, AQR Capital Management LLC lifted its stake in 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 acquiring an additional 2,178,590 shares during the period. 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.