MultiPlan (NYSE:MPLN) Trading Up 6.8%

MultiPlan Co. (NYSE:MPLN)’s share price was up 6.8% during mid-day trading on Tuesday . The company traded as high as $8.49 and last traded at $8.16. Approximately 88,863 shares changed hands during trading, an increase of 37% from the average daily volume of 65,014 shares. The stock had previously closed at $7.64.

Analyst Upgrades and Downgrades

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

MultiPlan Stock Up 6.2 %

The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 7.48. The firm has a market cap of $5.23 billion, a P/E ratio of -8.66 and a beta of 0.52.

MultiPlan (NYSE:MPLN) last released its earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. The company had revenue of $233.48 million for 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 period in the prior year, the firm posted ($0.06) EPS. Equities research analysts predict that MultiPlan Co. will post -7.2 earnings per share for the current year.

Insider Transactions at MultiPlan

In related news, SVP William B. Mintz bought 81,165 shares of MultiPlan stock in a transaction dated Tuesday, August 6th. The shares were bought at an average cost of $0.31 per share, with a total value of $25,161.15. Following the acquisition, the senior vice president now owns 2,009,736 shares in the company, valued at approximately $623,018.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other MultiPlan news, CFO Douglas Michael Garis acquired 1,150,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired at an average cost of $0.30 per share, for a total transaction of $345,000.00. Following the transaction, the chief financial officer now directly owns 4,721,428 shares in the company, valued at $1,416,428.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 acquired at an average price of $0.31 per share, with a total value 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 $623,018.16. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 1,731,165 shares of company stock valued at $555,161. 8.20% of the stock is owned by corporate insiders.

Institutional Trading of MultiPlan

Several institutional investors and hedge funds have recently modified their holdings of MPLN. Empowered Funds LLC raised its position in 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 purchasing an additional 770,826 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised 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 valued at $37,000 after purchasing an additional 18,603 shares during the last quarter. Price T Rowe Associates Inc. MD raised 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 valued at $331,000 after purchasing an additional 66,172 shares during the last quarter. Fore Capital LLC bought a new position in MultiPlan in the second quarter valued at about $37,000. Finally, Hsbc Holdings PLC raised its position in MultiPlan by 68.7% in 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 last quarter. 87.15% of the stock is currently owned by institutional investors.

About MultiPlan

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.