MultiPlan (NYSE:MPLN) Hits New 1-Year Low at $6.36

MultiPlan Co. (NYSE:MPLN - Get Free Report)'s stock price hit a new 52-week low during trading on Monday . The company traded as low as $6.36 and last traded at $7.89, with a volume of 5270 shares trading hands. The stock had previously closed at $7.52.

Analyst Upgrades and Downgrades

Separately, Piper Sandler restated a "neutral" rating and issued a $1.00 price target (down previously from $2.00) on shares of MultiPlan in a research report on Wednesday, August 7th.

MultiPlan Trading Up 19.0 %

The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of -9.13 and a beta of 0.52. The business's 50 day moving average price is $0.30 and its 200-day moving average price is $0.50. The company has a debt-to-equity ratio of 7.48, a current ratio of 1.06 and a quick ratio of 1.06.

MultiPlan (NYSE:MPLN - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share 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 firm had revenue of $233.48 million for the quarter, compared to the consensus estimate of $253.59 million. During the same period in the previous year, the business earned ($0.06) earnings per share. Equities analysts forecast that MultiPlan Co. will post -0.18 EPS for the current fiscal year.

Insider Transactions at MultiPlan

In other news, CFO Douglas Michael Garis bought 1,150,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were bought 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 owns 4,721,428 shares of the company's stock, valued at $1,416,428.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Travis Dalton bought 500,000 shares of the business's stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average price 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 approximately $1,851,666.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Douglas Michael Garis bought 1,150,000 shares of MultiPlan stock in a transaction on Tuesday, August 6th. The stock was purchased at an average price of $0.30 per share, for a total transaction of $345,000.00. Following the completion of the acquisition, 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. Insiders have bought 1,731,165 shares of company stock valued at $555,161 in the last quarter. 8.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MultiPlan

Institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in MultiPlan by 6.0% in 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 acquiring an additional 482,944 shares during the last quarter. Millennium Management LLC increased its stake in 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 purchasing an additional 8,185,402 shares during the last quarter. AQR Capital Management LLC lifted its position in MultiPlan by 386.2% during the second quarter. AQR Capital Management LLC now owns 2,742,735 shares of the company's stock worth $1,065,000 after buying an additional 2,178,590 shares during the period. Empowered Funds LLC boosted its stake in MultiPlan by 98.8% in the 1st quarter. Empowered Funds LLC now owns 1,550,620 shares of the company's stock worth $1,258,000 after buying an additional 770,826 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in MultiPlan in the 2nd quarter valued at about $245,000. Hedge funds and other institutional investors own 87.15% of the company's stock.

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.