MultiPlan (NYSE:MPLN) Stock Price Up 10% – Time to Buy?

MultiPlan Co. (NYSE:MPLN) rose 10% on Thursday . The company traded as high as $12.40 and last traded at $12.16. Approximately 34,357 shares were traded during trading, a decline of 47% from the average daily volume of 64,658 shares. The stock had previously closed at $11.05.

Analyst Upgrades and Downgrades

MPLN has been the topic of a number of recent research reports. Piper Sandler reaffirmed a “neutral” rating and set a $1.00 price objective (down from $2.00) on shares of MultiPlan in a report on Wednesday, August 7th. Citigroup decreased their price objective on MultiPlan from $17.20 to $10.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd.

MultiPlan Stock Up 9.6 %

The firm has a market capitalization of $7.81 billion, a P/E ratio of -12.04 and a beta of 0.51. The company has a debt-to-equity ratio of 7.48, a current ratio of 1.06 and a quick ratio of 1.06.

MultiPlan (NYSE:MPLN) last announced its earnings results on Thursday, August 1st. The company reported ($0.03) EPS for the quarter, topping 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 business had revenue of $233.48 million for the quarter, compared to the consensus estimate of $253.59 million. During the same period in the previous year, the business earned ($0.06) EPS. Research analysts anticipate that MultiPlan Co. will post -7.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP William B. Mintz acquired 81,165 shares of MultiPlan stock in a transaction on Tuesday, August 6th. The shares were purchased at an average price of $0.31 per share, with a total value of $25,161.15. Following the acquisition, the senior vice president now owns 2,009,736 shares in the company, valued at $623,018.16. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other MultiPlan news, SVP William B. Mintz bought 81,165 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was 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 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas Michael Garis bought 1,150,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were acquired 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. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 1,731,165 shares of company stock valued at $555,161. 8.20% of the stock is currently owned by corporate insiders.

Institutional Trading of MultiPlan

Several institutional investors and hedge funds have recently made changes to their positions in MPLN. Empowered Funds LLC increased its position 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 in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of 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 buying an additional 18,603 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position 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 valued at $331,000 after buying 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 $37,000. Finally, Hsbc Holdings PLC increased its position in shares of MultiPlan by 68.7% in 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. Institutional investors own 87.15% of the company’s stock.

MultiPlan Company Profile

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.