MultiPlan (NYSE:MPLN) Rating Reiterated by Piper Sandler

MultiPlan (NYSE:MPLN)‘s stock had its “neutral” rating reissued by investment analysts at Piper Sandler in a report issued on Wednesday, Benzinga reports. They currently have a $1.00 price target on the stock, down from their prior price target of $2.00. Piper Sandler’s price objective indicates a potential upside of 147.71% from the stock’s previous close.

MultiPlan Stock Performance

NYSE:MPLN opened at $0.40 on Wednesday. MultiPlan has a fifty-two week low of $0.26 and a fifty-two week high of $2.16. The company has a debt-to-equity ratio of 3.85, a quick ratio of 0.98 and a current ratio of 0.98. The company has a 50 day moving average price of $0.41 and a 200 day moving average price of $0.70. The stock has a market capitalization of $260.33 million, a P/E ratio of -0.41 and a beta of 0.56.

MultiPlan (NYSE:MPLN) last released its quarterly 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 7.54% and a negative net margin of 122.73%. The business had revenue of $233.48 million during the quarter, compared to analyst estimates of $253.59 million. During the same period last year, the business posted ($0.06) earnings per share. Equities research analysts forecast that MultiPlan will post -0.14 EPS for the current year.

Insider Buying and Selling at MultiPlan

In other MultiPlan news, Director Anthony Colaluca, Jr. bought 160,000 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were purchased at an average cost of $0.60 per share, with a total value of $96,000.00. Following the purchase, the director now directly owns 220,000 shares in the company, valued at $132,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 8.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MPLN. Price T Rowe Associates Inc. MD increased its holdings in MultiPlan by 19.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 407,105 shares of the company’s stock worth $331,000 after purchasing an additional 66,172 shares during the period. 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 worth $37,000 after buying an additional 18,603 shares during the period. Empowered Funds LLC raised its holdings 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 acquiring an additional 770,826 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in MultiPlan by 159.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 20,883 shares of the company’s stock valued at $30,000 after acquiring an additional 12,837 shares in the last quarter. Finally, Atalaya Capital Management LP lifted its stake in MultiPlan by 16.6% in the fourth quarter. Atalaya Capital Management LP now owns 1,755,664 shares of the company’s stock worth $2,528,000 after acquiring an additional 250,000 shares during the last quarter. 87.15% of the stock is currently 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.