MultiPlan (NYSE:MPLN) Stock Price Down 5.5% - Here's Why

Shares of MultiPlan Co. (NYSE:MPLN - Get Free Report) fell 5.5% on Monday . The company traded as low as $11.04 and last traded at $11.04. 4,049 shares were traded during mid-day trading, a decline of 94% from the average session volume of 64,345 shares. The stock had previously closed at $11.68.

Wall Street Analyst Weigh In

MPLN has been the subject of several analyst reports. Citigroup reduced their target price on MultiPlan from $17.20 to $10.00 and set a "neutral" rating for the company in a report on Monday, September 23rd. Piper Sandler restated a "neutral" rating and issued a $1.00 price objective (down from $2.00) on shares of MultiPlan in a research note on Wednesday, August 7th.

MultiPlan Trading Down 5.6 %

The firm has a market cap of $7.11 billion, a PE ratio of -11.26 and a beta of 0.51. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 7.48.

MultiPlan (NYSE:MPLN - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share 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 quarter in the prior year, the company earned ($0.06) EPS. On average, equities research analysts predict that MultiPlan Co. will post -7.2 EPS for the current fiscal year.

Insider Transactions at MultiPlan

In related news, SVP William B. Mintz bought 81,165 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average cost of $0.31 per share, for a total transaction of $25,161.15. Following the purchase, the senior vice president now directly owns 2,009,736 shares in the company, valued at $623,018.16. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP William B. Mintz purchased 81,165 shares of the stock in a transaction that occurred 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 purchase, the senior vice president now directly owns 2,009,736 shares of the company's stock, valued at approximately $623,018.16. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Douglas Michael Garis acquired 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, with a total value of $345,000.00. Following the transaction, the chief financial officer now directly owns 4,721,428 shares in the company, valued at approximately $1,416,428.40. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 1,731,165 shares of company stock worth $555,161. Insiders own 8.20% of the company's stock.

Institutional Investors Weigh In On MultiPlan

Institutional investors have recently bought and sold shares of the business. Empowered Funds LLC lifted its holdings in shares of MultiPlan by 98.8% during the 1st quarter. Empowered Funds LLC now owns 1,550,620 shares of the company's stock worth $1,258,000 after acquiring an additional 770,826 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings 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 valued at $37,000 after purchasing an additional 18,603 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in MultiPlan by 19.4% during the first 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 in the last quarter. Fore Capital LLC bought a new stake in shares of MultiPlan in the 2nd quarter valued at approximately $37,000. Finally, Hsbc Holdings PLC raised its holdings in shares of MultiPlan by 68.7% in the 2nd quarter. Hsbc Holdings PLC now owns 218,459 shares of the company's stock worth $87,000 after buying an additional 88,944 shares in the last quarter. Institutional investors and hedge funds 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.