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

Shares of MultiPlan Co. (NYSE:MPLN) are scheduled 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 market closes on Friday, September 20th.

MultiPlan Stock Down 9.3 %

MPLN traded down $0.02 during trading on Wednesday, hitting $0.22. 4,353,352 shares of the company’s stock traded hands, compared to its average volume of 2,344,693. The stock has a market capitalization of $140.32 million, a price-to-earnings ratio of -0.22 and a beta of 0.52. The company’s 50 day simple moving average is $0.31 and its two-hundred day simple moving average is $0.55. 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.

MultiPlan (NYSE:MPLN) last issued 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. The business had revenue of $233.48 million during the quarter, compared to analyst estimates of $253.59 million. MultiPlan had a negative return on equity of 8.90% and a negative net margin of 122.73%. During the same quarter in the previous year, the firm earned ($0.06) EPS. Analysts predict that MultiPlan will post -0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at MultiPlan

In other MultiPlan news, SVP William B. Mintz acquired 81,165 shares of the stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average price of $0.31 per share, for a total transaction of $25,161.15. Following the purchase, the senior vice president now directly owns 2,009,736 shares of the company’s stock, valued at $623,018.16. The acquisition was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Travis Dalton acquired 500,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 5,004,504 shares in the company, valued at $1,851,666.48. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP William B. Mintz bought 81,165 shares of MultiPlan stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average cost of $0.31 per share, with a total value of $25,161.15. Following the completion of the acquisition, the senior vice president now directly owns 2,009,736 shares in the company, valued at approximately $623,018.16. The disclosure for this purchase can be found here. Insiders bought a total of 1,731,165 shares of company stock worth $555,161 in the last three months. 8.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MultiPlan

Several large investors have recently made changes to their positions in the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in 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 valued at $37,000 after acquiring an additional 18,603 shares in the last quarter. Fore Capital LLC purchased a new position in shares of MultiPlan during the second quarter valued at about $37,000. Point72 DIFC Ltd bought a new stake in shares of MultiPlan in the second quarter worth about $43,000. Cubist Systematic Strategies LLC purchased a new stake in shares of MultiPlan in the second quarter worth about $72,000. Finally, Hsbc Holdings PLC boosted its stake in MultiPlan by 68.7% during the second quarter. Hsbc Holdings PLC now owns 218,459 shares of the company’s stock valued at $87,000 after buying an additional 88,944 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.