MultiPlan (NYSE:MPLN) Trading Down 5.5% – Time to Sell?

MultiPlan Co. (NYSE:MPLN) shares traded down 5.5% during trading on Monday . The company traded as low as $11.04 and last traded at $11.04. Approximately 4,049 shares changed hands during trading, a decline of 94% from the average session volume of 64,345 shares. The stock had previously closed at $11.68.

Wall Street Analysts Forecast Growth

MPLN has been the topic of a number of recent analyst reports. Piper Sandler reiterated a “neutral” rating and issued a $40.00 price objective (down previously from $80.00) on shares of MultiPlan in a research report on Wednesday, August 7th. Citigroup lowered their price target on MultiPlan from $17.20 to $10.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd.

MultiPlan Price Performance

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 $6.47 billion, a PE ratio of -10.32 and a beta of 0.51.

MultiPlan (NYSE:MPLN) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($1.20) EPS for the quarter, topping the consensus estimate of ($1.60) by $0.40. The firm had revenue of $233.48 million for the quarter, compared to the consensus estimate 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 period last year, the firm posted ($2.40) earnings per share. As a group, analysts predict that MultiPlan Co. will post -7.2 EPS for the current fiscal year.

Insider Activity

In other news, CEO Travis Dalton purchased 12,500 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average price of $14.80 per share, with a total value of $185,000.00. Following the transaction, the chief executive officer now directly owns 125,112 shares of the company’s stock, valued at approximately $1,851,657.60. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other MultiPlan news, SVP William B. Mintz bought 2,029 shares of MultiPlan stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average cost of $12.40 per share, with a total value of $25,159.60. Following the transaction, the senior vice president now directly owns 50,243 shares of the company’s stock, valued at $623,013.20. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Travis Dalton acquired 12,500 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average price of $14.80 per share, for a total transaction of $185,000.00. Following the acquisition, the chief executive officer now owns 125,112 shares of the company’s stock, valued at approximately $1,851,657.60. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 43,279 shares of company stock valued at $555,160. 8.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MultiPlan

Hedge funds have recently bought and sold shares of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in MultiPlan by 68.8% in 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 acquiring an additional 18,603 shares in the last quarter. Fore Capital LLC bought a new position in shares of MultiPlan during the second quarter valued at $37,000. Point72 DIFC Ltd purchased a new stake in shares of MultiPlan during the second quarter valued at $43,000. Cubist Systematic Strategies LLC bought a new stake in MultiPlan in the 2nd quarter worth about $72,000. Finally, Hsbc Holdings PLC raised its position in 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 during the last quarter. 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.