MultiPlan (NYSE:MPLN) Stock Price Down 2.4%

MultiPlan Co. (NYSE:MPLN) shares were down 2.4% during trading on Friday . The stock traded as low as $0.23 and last traded at $0.24. Approximately 1,587,918 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 2,343,581 shares. The stock had previously closed at $0.25.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler reissued a “neutral” rating and set a $1.00 target price (down previously from $2.00) on shares of MultiPlan in a report on Wednesday, August 7th.

MultiPlan Trading Down 2.4 %

The stock has a 50 day moving average of $0.32 and a 200 day moving average of $0.56. The company has a debt-to-equity ratio of 7.48, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market cap of $157.35 million, a P/E ratio of -0.25 and a beta of 0.52.

MultiPlan (NYSE:MPLN) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $233.48 million for the quarter, compared to analyst estimates 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 period in the prior year, the company earned ($0.06) EPS. As a group, equities research analysts predict that MultiPlan Co. will post -0.18 EPS for the current year.

Insider Activity at MultiPlan

In other news, CEO Travis Dalton acquired 500,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were purchased at an average price of $0.37 per share, for a total transaction of $185,000.00. Following the completion of the transaction, the chief executive officer now owns 5,004,504 shares of the company’s stock, valued at $1,851,666.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Douglas Michael Garis bought 1,150,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average cost of $0.30 per share, with a total value of $345,000.00. Following the transaction, the chief financial officer now owns 4,721,428 shares in the company, valued at approximately $1,416,428.40. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Travis Dalton purchased 500,000 shares of MultiPlan stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price of $0.37 per share, for a total transaction of $185,000.00. Following the transaction, the chief executive officer now directly owns 5,004,504 shares of the company’s stock, valued at $1,851,666.48. The disclosure for this purchase can be found here. Insiders purchased 1,731,165 shares of company stock worth $555,161 in the last ninety days. 8.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On MultiPlan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in shares of 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 grew its stake in shares of MultiPlan by 19.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 407,105 shares of the company’s stock worth $331,000 after buying an additional 66,172 shares during the last quarter. Hsbc Holdings PLC increased its position 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 buying an additional 88,944 shares in the last quarter. Fore Capital LLC purchased a new position in MultiPlan during the second quarter valued at $37,000. Finally, Point72 DIFC Ltd bought a new stake in MultiPlan in the second quarter worth $43,000. 87.15% of the stock is owned by hedge funds and other 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.