MultiPlan (NYSE:MPLN) Stock Price Up 10% - Here's What Happened

Shares of MultiPlan Co. (NYSE:MPLN - Get Free Report) traded up 10% during trading on Thursday . The company traded as high as $12.40 and last traded at $12.16. 34,357 shares were traded during mid-day trading, a decline of 47% from the average session volume of 64,658 shares. The stock had previously closed at $11.05.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MPLN shares. Piper Sandler reiterated a "neutral" rating and set a $1.00 price objective (down from $2.00) on shares of MultiPlan in a research report on Wednesday, August 7th. Citigroup reduced their price objective on MultiPlan from $17.20 to $10.00 and set a "neutral" rating for the company in a research report on Monday, September 23rd.

MultiPlan Trading Up 9.6 %

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 stock has a market capitalization of $7.81 billion, a PE ratio of -12.36 and a beta of 0.51.

MultiPlan (NYSE:MPLN - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported ($0.03) EPS for the quarter, topping 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 firm had revenue of $233.48 million for the quarter, compared to analysts' expectations of $253.59 million. During the same quarter in the previous year, the company earned ($0.06) earnings per share. Research analysts anticipate that MultiPlan Co. will post -7.2 EPS for the current year.

Insider Buying and Selling

In other news, CEO Travis Dalton bought 500,000 shares of the company's stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average price of $0.37 per share, with a total value of $185,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 5,004,504 shares in the company, valued at approximately $1,851,666.48. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Douglas Michael Garis purchased 1,150,000 shares of the company's 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 approximately $1,416,428.40. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Travis Dalton purchased 500,000 shares of the company's stock in a transaction on Wednesday, August 7th. The stock was bought 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 directly owns 5,004,504 shares of the company's stock, valued at $1,851,666.48. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 1,731,165 shares of company stock valued at $555,161 over the last quarter. Corporate insiders own 8.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake 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 purchasing an additional 18,603 shares during the period. Price T Rowe Associates Inc. MD raised its stake 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 valued at $331,000 after purchasing an additional 66,172 shares during the period. Hsbc Holdings PLC raised its stake 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 period. Fore Capital LLC purchased a new position in shares of MultiPlan during the 2nd quarter valued at $37,000. Finally, Point72 DIFC Ltd purchased a new position in shares of MultiPlan during the 2nd quarter valued at $43,000. 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.