MultiPlan (NYSE:MPLN) Trading Down 4.1%

MultiPlan Co. (NYSE:MPLN)’s stock price was down 4.1% during trading on Thursday . The company traded as low as $7.66 and last traded at $7.67. Approximately 6,514 shares traded hands during mid-day trading, a decline of 100% from the average daily volume of 5,322,200 shares. The stock had previously closed at $8.00.

MPLN has been the subject of a number of analyst reports. Zacks Investment Research downgraded MultiPlan from a “buy” rating to a “hold” rating in a research note on Tuesday, July 13th. B. Riley assumed coverage on MultiPlan in a report on Wednesday, April 7th. They issued a “buy” rating and a $10.00 target price for the company. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $9.05.

The stock has a market cap of $5.28 billion and a price-to-earnings ratio of -7.14. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.98 and a current ratio of 0.98. The company’s 50-day simple moving average is $8.35.

MultiPlan (NYSE:MPLN) last posted its earnings results on Thursday, May 13th. The company reported $0.02 earnings per share for the quarter. The business had revenue of $254.86 million for the quarter, compared to analysts’ expectations of $241.89 million. On average, analysts predict that MultiPlan Co. will post 0.15 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of MPLN. Public Investment Fund purchased a new position in MultiPlan during the fourth quarter worth $409,488,000. Price T Rowe Associates Inc. MD purchased a new stake in MultiPlan during the 4th quarter worth about $271,635,000. Alyeska Investment Group L.P. purchased a new position in MultiPlan in the 4th quarter valued at about $21,781,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of MultiPlan during the 4th quarter worth about $13,809,000. Finally, Morgan Stanley acquired a new position in shares of MultiPlan in the fourth quarter valued at approximately $10,761,000. 76.06% of the stock is currently owned by hedge funds and other institutional investors.

About MultiPlan (NYSE:MPLN)

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 integrity services, which reduce medical costs by identifying and removing improper and unnecessary charges paid during the claim.

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