MultiPlan (NYSE:MPLN) Sees Large Volume Increase - Time to Buy?

MultiPlan Co. (NYSE:MPLN - Get Free Report) saw an uptick in trading volume on Wednesday . 76,264 shares changed hands during trading, an increase of 17% from the previous session's volume of 65,379 shares.The stock last traded at $11.74 and had previously closed at $10.71.

Analysts Set New Price Targets

MPLN has been the subject of a number of analyst reports. Citigroup reduced their price target 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 reaffirmed a "neutral" rating and issued a $1.00 price target (down from $2.00) on shares of MultiPlan in a report on Wednesday, August 7th.

MultiPlan Stock Performance

The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 7.48. The company has a market cap of $6.33 billion, a P/E ratio of -10.02 and a beta of 0.51.

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 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 analyst estimates of $253.59 million. During the same period in the previous year, the firm earned ($0.06) earnings per share. Equities research analysts forecast that MultiPlan Co. will post -7.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP William B. Mintz acquired 81,165 shares of the stock in a transaction on Tuesday, August 6th. The stock was purchased 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 owns 2,009,736 shares of the company's stock, valued at $623,018.16. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other MultiPlan news, CFO Douglas Michael Garis bought 1,150,000 shares of MultiPlan stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired 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 of the company's stock, valued at $1,416,428.40. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP William B. Mintz purchased 81,165 shares of MultiPlan stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average cost of $0.31 per share, with a total value of $25,161.15. Following the completion of the transaction, 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 disclosure for this purchase can be found here. In the last quarter, insiders bought 1,731,165 shares of company stock worth $555,161. 8.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MultiPlan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD raised its stake 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 valued at $331,000 after purchasing an additional 66,172 shares in the last quarter. Empowered Funds LLC boosted 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 purchasing an additional 770,826 shares during the last quarter. Fore Capital LLC acquired a new stake in MultiPlan during the second quarter worth approximately $37,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in shares of 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 purchasing an additional 18,603 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in MultiPlan during the 2nd quarter valued at $72,000. 87.15% of the stock is owned by institutional investors.

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.