MultiPlan (NYSE:MPLN) PT Lowered to $10.00

MultiPlan (NYSE:MPLN) had its price objective reduced by equities researchers at Citigroup from $17.20 to $10.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective indicates a potential upside of 11.73% from the company’s previous close.

Separately, Piper Sandler reiterated 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.

MultiPlan Stock Performance

Shares of MPLN stock traded up $1.43 on Monday, reaching $8.95. The stock had a trading volume of 336,824 shares, compared to its average volume of 60,741. The stock has a market cap of $5.77 billion, a P/E ratio of -9.13 and a beta of 0.52. 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 has a 1 year low of $6.36 and a 1 year high of $72.80. The company has a 50 day simple moving average of $0.30 and a 200 day simple moving average of $0.50.

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, beating analysts’ consensus estimates 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 business had revenue of $233.48 million during the quarter, compared to the consensus estimate of $253.59 million. During the same period in the previous year, the company posted ($0.06) EPS. Equities research analysts expect that MultiPlan will post -0.18 EPS for the current year.

Insiders Place Their Bets

In other news, SVP William B. Mintz bought 81,165 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average price of $0.31 per share, for a total transaction of $25,161.15. Following the purchase, the senior vice president now owns 2,009,736 shares in the company, valued at $623,018.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Travis Dalton bought 500,000 shares of MultiPlan stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average cost of $0.37 per share, with a total value of $185,000.00. Following the completion of the acquisition, the chief executive officer now owns 5,004,504 shares of the company’s stock, valued at approximately $1,851,666.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP William B. Mintz acquired 81,165 shares of MultiPlan stock in a transaction on Tuesday, August 6th. The stock was purchased at an average cost of $0.31 per share, for a total transaction of $25,161.15. Following the purchase, the senior vice president now owns 2,009,736 shares in the company, valued at $623,018.16. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 1,731,165 shares of company stock worth $555,161. Company insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On MultiPlan

Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its holdings in MultiPlan by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,522,486 shares of the company’s stock valued at $12,272,000 after buying an additional 482,944 shares during the period. Empowered Funds LLC raised 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 valued at $1,258,000 after acquiring an additional 770,826 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in shares of 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 acquiring an additional 18,603 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of MultiPlan by 19.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 407,105 shares of the company’s stock worth $331,000 after purchasing an additional 66,172 shares during the period. Finally, Fore Capital LLC bought a new position in MultiPlan during the 2nd quarter valued at about $37,000. 87.15% of the stock is owned by 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.