Citigroup Cuts MultiPlan (NYSE:MPLN) Price Target to $10.00

MultiPlan (NYSE:MPLN) had its price target trimmed by Citigroup from $17.20 to $10.00 in a research note published on Monday, Benzinga reports. The firm currently has a neutral rating on the stock.

Separately, Piper Sandler reaffirmed a neutral rating and set a $1.00 price target (down from $2.00) on shares of MultiPlan in a research note on Wednesday, August 7th.

MultiPlan Trading Down 2.3 %

Shares of MultiPlan stock opened at $7.22 on Monday. The firm has a market cap of $116.53 million, a price-to-earnings ratio of -7.37 and a beta of 0.52. MultiPlan has a 52-week low of $6.35 and a 52-week high of $71.20. The company’s 50-day simple moving average is $0.75 and its 200-day simple moving average is $0.65. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 7.48.

MultiPlan (NYSE:MPLN) last issued its earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $253.59 million. During the same period in the prior year, the business posted ($0.06) EPS. As a group, equities research analysts anticipate that MultiPlan will post -7.2 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP William B. Mintz bought 81,165 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were bought at an average cost of $0.31 per share, for a total transaction of $25,161.15. Following the completion of the transaction, the senior vice president now owns 2,009,736 shares in the company, valued at $623,018.16. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Douglas Michael Garis acquired 1,150,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average cost of $0.30 per share, for a total transaction of $345,000.00. Following the transaction, the chief financial officer now directly owns 4,721,428 shares of the company’s stock, valued at approximately $1,416,428.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP William B. Mintz bought 81,165 shares of the stock in a transaction on Tuesday, August 6th. The shares were bought at an average price of $0.31 per share, for a total transaction of $25,161.15. Following the acquisition, the senior vice president now owns 2,009,736 shares in the company, valued at approximately $623,018.16. The disclosure for this purchase can be found here. Insiders have bought a total of 1,731,165 shares of company stock worth $555,161 in the last quarter. Company insiders own 8.20% of the company’s stock.

Institutional Trading of MultiPlan

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 DIFC Ltd purchased a new stake in MultiPlan during the 2nd quarter worth about $43,000. Cubist Systematic Strategies LLC purchased a new stake in shares of MultiPlan during the second quarter worth about $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of MultiPlan in the second quarter valued at approximately $245,000. Millennium Management LLC lifted its stake in shares of MultiPlan by 3,401.0% during 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 during the period. Finally, AQR Capital Management LLC boosted its position in MultiPlan by 386.2% during the second quarter. AQR Capital Management LLC now owns 2,742,735 shares of the company’s stock worth $1,065,000 after acquiring an additional 2,178,590 shares during the last quarter. 87.15% of the stock is currently owned by hedge funds and other 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.