MultiPlan (NYSE:MPLN) Given New $10.00 Price Target at Citigroup

MultiPlan (NYSE:MPLN) had its price target dropped by stock analysts at Citigroup from $17.20 to $10.00 in a report issued on Monday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential upside of 35.32% from the company’s previous close.

Separately, Piper Sandler reaffirmed a “neutral” rating and set a $1.00 price target (down from $2.00) on shares of MultiPlan in a research report on Wednesday, August 7th.

MultiPlan Stock Performance

NYSE MPLN opened at $7.39 on Monday. 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 firm’s fifty day moving average price is $0.47 and its two-hundred day moving average price is $0.55. MultiPlan has a 1 year low of $6.35 and a 1 year high of $72.80. The firm has a market capitalization of $4.77 billion, a P/E ratio of -7.54 and a beta of 0.52.

MultiPlan (NYSE:MPLN) last posted its quarterly 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. MultiPlan had a negative net margin of 122.73% and a negative return on equity of 8.90%. The firm had revenue of $233.48 million for the quarter, compared to analyst estimates of $253.59 million. During the same period in the prior year, the firm posted ($0.06) earnings per share. As a group, research analysts anticipate that MultiPlan will post -0.18 EPS for the current year.

Insider Buying and Selling at MultiPlan

In related news, SVP William B. Mintz acquired 81,165 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were purchased at an average cost of $0.31 per share, for a total transaction of $25,161.15. Following the completion of the acquisition, the senior vice president now directly owns 2,009,736 shares in the company, valued at $623,018.16. The purchase was disclosed in a filing with the SEC, which is available at this link. In related news, SVP William B. Mintz acquired 81,165 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were purchased at an average cost of $0.31 per share, for a total transaction of $25,161.15. Following the completion of the acquisition, the senior vice president now directly owns 2,009,736 shares in the company, valued at $623,018.16. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Travis Dalton purchased 500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average price of $0.37 per share, for a total transaction of $185,000.00. Following the completion of the purchase, the chief executive officer now directly owns 5,004,504 shares of the company’s stock, valued at approximately $1,851,666.48. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,731,165 shares of company stock worth $555,161 over the last ninety days. Insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On MultiPlan

Several institutional investors and hedge funds have recently modified their holdings of MPLN. Millennium Management LLC grew its stake in shares of MultiPlan by 3,401.0% in the second quarter. Millennium Management LLC now owns 8,426,081 shares of the company’s stock valued at $3,273,000 after acquiring an additional 8,185,402 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of MultiPlan by 386.2% in the second quarter. AQR Capital Management LLC now owns 2,742,735 shares of the company’s stock valued at $1,065,000 after acquiring an additional 2,178,590 shares in the last quarter. Empowered Funds LLC grew 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of MultiPlan in the second quarter valued at about $245,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of MultiPlan by 6.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,522,486 shares of the company’s stock valued at $12,272,000 after acquiring an additional 482,944 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.