MultiPlan (NYSE:MPLN) Stock Price Down 5.4%

Shares of MultiPlan Co. (NYSE:MPLN) traded down 5.4% on Wednesday . The stock traded as low as $7.66 and last traded at $7.67. 60,140 shares changed hands 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.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler reissued a “neutral” rating and issued a $1.00 price objective (down previously from $2.00) on shares of MultiPlan in a research report on Wednesday, August 7th. Citigroup reduced their target price on shares of MultiPlan from $17.20 to $10.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd.

MultiPlan Stock Performance

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 capitalization of $5.02 billion, a PE ratio of -8.28 and a beta of 0.52.

MultiPlan (NYSE:MPLN) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.03) earnings per share (EPS) 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 company had revenue of $233.48 million during the quarter, compared to analyst estimates of $253.59 million. During the same quarter last year, the company earned ($0.06) earnings per share. As a group, analysts expect that MultiPlan Co. will post -7.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MultiPlan news, CEO Travis Dalton bought 500,000 shares of MultiPlan stock in a transaction that occurred on Wednesday, August 7th. The stock was 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 in the company, valued at $1,851,666.48. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Travis Dalton acquired 500,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was purchased at an average cost of $0.37 per share, for a total transaction of $185,000.00. Following the acquisition, the chief executive officer now owns 5,004,504 shares of the company’s stock, valued at $1,851,666.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Douglas Michael Garis acquired 1,150,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average price of $0.30 per share, with a total value of $345,000.00. Following the completion of the acquisition, the chief financial officer now directly owns 4,721,428 shares in the company, valued at approximately $1,416,428.40. The disclosure for this purchase can be found here. Insiders acquired a total of 1,731,165 shares of company stock worth $555,161 over the last ninety days. 8.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MultiPlan

Institutional investors have recently bought and sold shares of the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in MultiPlan by 68.8% during the 1st 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 acquiring an additional 18,603 shares during the period. Fore Capital LLC bought a new position in MultiPlan during the 2nd quarter valued at approximately $37,000. Point72 DIFC Ltd bought a new position in MultiPlan during the 2nd quarter valued at approximately $43,000. Cubist Systematic Strategies LLC bought a new position in MultiPlan during the 2nd quarter valued at approximately $72,000. Finally, Hsbc Holdings PLC raised its position in 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 during the last quarter. 87.15% of the stock is currently 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.