MultiPlan (NYSE:MPLN) Shares to Reverse Split on Monday, September 23rd

MultiPlan Co. (NYSE:MPLN) shares are set to reverse split on Monday, September 23rd. The 1-40 reverse split was announced on Tuesday, September 10th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, September 20th.

MultiPlan Price Performance

MPLN traded down $0.02 during trading hours on Wednesday, hitting $0.22. The company’s stock had a trading volume of 4,353,352 shares, compared to its average volume of 2,344,693. MultiPlan has a 12 month low of $0.17 and a 12 month high of $1.91. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 7.48. The business’s 50-day moving average price is $0.31 and its 200-day moving average price is $0.55. The stock has a market cap of $140.32 million, a price-to-earnings ratio of -0.22 and a beta of 0.52.

MultiPlan (NYSE:MPLN) last posted its earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm 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 firm posted ($0.06) EPS. Sell-side analysts expect that MultiPlan will post -0.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Insiders Place Their Bets

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

Institutional Trading of MultiPlan

Institutional investors and hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its position in MultiPlan by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,522,486 shares of the company’s stock valued at $12,272,000 after purchasing an additional 482,944 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in MultiPlan by 19.4% during the first 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 during the period. Empowered Funds LLC raised 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 worth $1,258,000 after buying an additional 770,826 shares in the last quarter. Fore Capital LLC purchased a new stake in MultiPlan during the second quarter worth $37,000. Finally, Millennium Management LLC boosted its position in MultiPlan by 3,401.0% during the 2nd quarter. Millennium Management LLC now owns 8,426,081 shares of the company’s stock valued at $3,273,000 after acquiring an additional 8,185,402 shares in the last quarter. Institutional investors own 87.15% of the company’s stock.

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.