MultiPlan (NYSE:MPLN) Trading Down 6.3% - Here's Why

Shares of MultiPlan Co. (NYSE:MPLN - Get Free Report) dropped 6.3% during mid-day trading on Monday . The company traded as low as $9.90 and last traded at $9.90. Approximately 3,268 shares traded hands during trading, a decline of 95% from the average daily volume of 65,177 shares. The stock had previously closed at $10.57.

Analysts Set New Price Targets

A number of brokerages have weighed in on MPLN. Citigroup cut their target price on shares of MultiPlan from $17.20 to $10.00 and set a "neutral" rating on the stock in a research report on Monday, September 23rd. Piper Sandler reissued a "neutral" rating and set a $1.00 price objective (down previously from $2.00) on shares of MultiPlan in a report on Wednesday, August 7th.

MultiPlan Trading Down 0.8 %

The company has a debt-to-equity ratio of 7.48, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market capitalization of $6.76 billion, a P/E ratio of -10.73 and a beta of 0.51.

MultiPlan (NYSE:MPLN - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The company had revenue of $233.48 million for the quarter, compared to analyst estimates of $253.59 million. MultiPlan had a negative net margin of 122.73% and a negative return on equity of 8.90%. During the same quarter in the previous year, the business earned ($0.06) earnings per share. Analysts predict that MultiPlan Co. will post -7.2 earnings per share for the current year.

Insider Transactions at MultiPlan

In other news, CEO Travis Dalton bought 500,000 shares of the firm's stock in a transaction on Wednesday, August 7th. The stock was acquired at an average price of $0.37 per share, with a total value of $185,000.00. Following the transaction, the chief executive officer now owns 5,004,504 shares of the company's stock, valued at $1,851,666.48. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other MultiPlan news, SVP William B. Mintz bought 81,165 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average price of $0.31 per share, for a total transaction of $25,161.15. Following the transaction, the senior vice president now directly owns 2,009,736 shares in the company, valued at approximately $623,018.16. 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 at this hyperlink. Also, CEO Travis Dalton purchased 500,000 shares of the company's stock in a transaction 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 purchase, the chief executive officer now owns 5,004,504 shares of the company's stock, valued at approximately $1,851,666.48. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 1,731,165 shares of company stock worth $555,161 over the last ninety days. 8.20% of the stock is owned by insiders.

Institutional Trading of MultiPlan

Several hedge funds have recently modified their holdings of MPLN. Price T Rowe Associates Inc. MD grew its holdings in MultiPlan by 19.4% in the first 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 during the period. Empowered Funds LLC grew its stake in shares of MultiPlan by 98.8% in the 1st 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 bought a new stake in MultiPlan in the 2nd quarter valued at about $37,000. 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 worth $37,000 after buying an additional 18,603 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new position in MultiPlan in the second quarter worth approximately $72,000. 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.