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

Shares of MultiPlan Co. (NYSE:MPLN) rose 10% during mid-day trading 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 subject of a number of research reports. Piper Sandler reiterated 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. Citigroup reduced their price objective on shares of MultiPlan from $17.20 to $10.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd.

MultiPlan Stock Performance

The company 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 quick ratio of 1.06 and a current ratio of 1.06.

MultiPlan (NYSE:MPLN) last issued its earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. MultiPlan had a negative net margin of 122.73% and a negative return on equity of 8.90%. The business had revenue of $233.48 million during the quarter, compared to the consensus estimate of $253.59 million. During the same period last year, the business posted ($0.06) EPS. Research analysts anticipate that MultiPlan Co. will post -7.2 earnings per share for the current year.

Insider Activity at MultiPlan

In related news, CEO Travis Dalton purchased 500,000 shares of the stock in a transaction on Wednesday, August 7th. The shares were purchased at an average cost of $0.37 per share, with a total value of $185,000.00. Following the acquisition, the chief executive officer now directly owns 5,004,504 shares in the company, valued at $1,851,666.48. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other MultiPlan news, CEO Travis Dalton bought 500,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were bought at an average cost of $0.37 per share, with a total value of $185,000.00. Following the completion of the acquisition, the chief executive officer now owns 5,004,504 shares of the company’s stock, valued at $1,851,666.48. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP William B. Mintz bought 81,165 shares of the stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average cost of $0.31 per share, for a total transaction of $25,161.15. Following the completion of the acquisition, the senior vice president now directly owns 2,009,736 shares of the company’s stock, valued at approximately $623,018.16. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 1,731,165 shares of company stock worth $555,161. Insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC boosted its position in MultiPlan by 3,401.0% in the second quarter. Millennium Management LLC now owns 8,426,081 shares of the company’s stock valued at $3,273,000 after buying an additional 8,185,402 shares in the last quarter. AQR Capital Management LLC lifted its holdings in MultiPlan by 386.2% in the second quarter. AQR Capital Management LLC now owns 2,742,735 shares of the company’s stock valued at $1,065,000 after buying an additional 2,178,590 shares during the period. Empowered Funds LLC increased its stake in MultiPlan by 98.8% in the first 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in MultiPlan in the second quarter valued at $245,000. Finally, Cubist Systematic Strategies LLC bought a new stake in MultiPlan in the second quarter valued at $72,000. 87.15% of the stock is owned by institutional investors.

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.