MultiPlan (NYSE:MPLN) Hits New 1-Year Low on Analyst Downgrade

MultiPlan Co. (NYSE:MPLN)’s share price reached a new 52-week low on Monday after Citigroup lowered their price target on the stock from $17.20 to $10.00. Citigroup currently has a neutral rating on the stock. MultiPlan traded as low as $6.36 and last traded at $7.89, with a volume of 5270 shares. The stock had previously closed at $7.52.

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

Insider Activity at MultiPlan

In other news, CEO Travis Dalton bought 500,000 shares of the stock in a transaction on Wednesday, August 7th. The stock was purchased at an average cost of $0.37 per share, with a total value of $185,000.00. Following the purchase, the chief executive officer now owns 5,004,504 shares of the company’s stock, valued at $1,851,666.48. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other MultiPlan news, CEO Travis Dalton bought 500,000 shares of MultiPlan stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased 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 owns 5,004,504 shares of the company’s stock, valued at approximately $1,851,666.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas Michael Garis purchased 1,150,000 shares of the firm’s stock in a transaction 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 completion of the purchase, the chief financial officer now owns 4,721,428 shares in the company, valued at approximately $1,416,428.40. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 1,731,165 shares of company stock valued at $555,161. Company insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On MultiPlan

Several institutional investors and hedge funds have recently bought and sold shares of MPLN. Charles Schwab Investment Management Inc. increased its stake in MultiPlan by 6.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,522,486 shares of the company’s stock worth $12,272,000 after acquiring an additional 482,944 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in 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 in the last quarter. Empowered Funds LLC raised its holdings 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 buying an additional 770,826 shares during the period. Fore Capital LLC acquired a new position in MultiPlan during the second quarter valued at approximately $37,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in MultiPlan by 68.8% during the first 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 buying an additional 18,603 shares during the period. Institutional investors and hedge funds own 87.15% of the company’s stock.

MultiPlan Trading Down 17.4 %

The firm’s 50 day simple moving average is $0.61 and its 200-day simple moving average is $0.60. 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 company has a market capitalization of $4.77 billion, a PE ratio of -7.54 and a beta of 0.52.

MultiPlan (NYSE:MPLN) last announced its quarterly earnings results 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. The firm had revenue of $233.48 million during the quarter, compared to the consensus estimate 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 earned ($0.06) EPS. As a group, equities research analysts anticipate that MultiPlan Co. will post -0.18 EPS for the current year.

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.