Shares of MultiPlan Co. (NYSE:MPLN – Get Rating) hit a new 52-week low on Wednesday after Citigroup lowered their price target on the stock from $6.00 to $3.00. Citigroup currently has a buy rating on the stock. MultiPlan traded as low as $1.88 and last traded at $1.92, with a volume of 20834 shares changing hands. The stock had previously closed at $2.00.
A number of other research firms have also recently commented on MPLN. The Goldman Sachs Group assumed coverage on MultiPlan in a research report on Tuesday, July 12th. They set a “neutral” rating and a $6.50 price objective for the company. Barclays decreased their price target on MultiPlan to $3.00 in a research note on Thursday, October 13th.
Insider Buying and Selling
In related news, Director Mark Tabak sold 4,500,000 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $3.80, for a total transaction of $17,100,000.00. Following the transaction, the director now directly owns 1,099,636 shares of the company’s stock, valued at approximately $4,178,616.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other MultiPlan news, SVP Michael Kim sold 50,000 shares of MultiPlan stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $4.37, for a total transaction of $218,500.00. Following the sale, the senior vice president now directly owns 362,386 shares in the company, valued at approximately $1,583,626.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark Tabak sold 4,500,000 shares of MultiPlan stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $3.80, for a total value of $17,100,000.00. Following the sale, the director now owns 1,099,636 shares in the company, valued at $4,178,616.80. The disclosure for this sale can be found here. 10.10% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On MultiPlan
Hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its holdings in shares of MultiPlan by 3.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 37,901,503 shares of the company’s stock valued at $208,079,000 after acquiring an additional 1,219,754 shares during the last quarter. Beach Point Capital Management LP increased its holdings in shares of MultiPlan by 49.8% in the 1st quarter. Beach Point Capital Management LP now owns 12,739,462 shares of the company’s stock valued at $59,621,000 after acquiring an additional 4,237,366 shares during the last quarter. Brown Advisory Inc. bought a new stake in shares of MultiPlan in the 1st quarter valued at approximately $37,749,000. State Street Corp increased its holdings in shares of MultiPlan by 8.4% in the 2nd quarter. State Street Corp now owns 7,157,493 shares of the company’s stock valued at $39,295,000 after acquiring an additional 553,066 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in shares of MultiPlan by 74.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 4,073,000 shares of the company’s stock valued at $22,361,000 after acquiring an additional 1,734,900 shares during the last quarter.
MultiPlan Stock Down 6.5 %
The company has a debt-to-equity ratio of 2.02, a quick ratio of 3.17 and a current ratio of 3.17. The firm has a market capitalization of $1.20 billion, a P/E ratio of 8.00 and a beta of 0.43. The stock has a fifty day moving average price of $2.88 and a two-hundred day moving average price of $4.18.
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, which reduce medical costs through data-driven algorithms that detect claims over-charges and recommend or negotiate reimbursement; network-based services that reduce medical costs through contracted discounts with healthcare providers; and payment and revenue integrity services, which reduce medical costs by identifying and removing improper and unnecessary charges paid during the claim.
