Barclays Lowers MultiPlan (NYSE:MPLN) Price Target to $1.00

MultiPlan (NYSE:MPLNGet Rating) had its target price cut by equities research analysts at Barclays from $3.00 to $1.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price target would suggest a potential downside of 9.91% from the company’s current price.

A number of other brokerages have also recently commented on MPLN. The Goldman Sachs Group decreased their target price on shares of MultiPlan from $5.50 to $2.05 and set a “neutral” rating on the stock in a research report on Wednesday, November 16th. Citigroup lowered MultiPlan from a “buy” rating to a “neutral” rating and lowered their target price for the company from $3.00 to $2.00 in a research note on Tuesday, December 13th.

MultiPlan Stock Up 0.9 %

MPLN opened at $1.11 on Wednesday. The business’s fifty day simple moving average is $1.42 and its 200 day simple moving average is $2.88. MultiPlan has a 52 week low of $0.98 and a 52 week high of $6.19. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 2.00. The stock has a market cap of $709.43 million, a PE ratio of 6.94 and a beta of 0.29.

MultiPlan (NYSE:MPLNGet Rating) last released its earnings results on Tuesday, November 8th. The company reported $0.03 earnings per share for the quarter. MultiPlan had a return on equity of 4.26% and a net margin of 8.99%. The company had revenue of $250.45 million during the quarter.

Insider Buying and Selling at MultiPlan

In other news, Director Anthony Colaluca, Jr. acquired 35,000 shares of the firm’s stock in a transaction on Monday, November 21st. The shares were purchased at an average price of $1.47 per share, for a total transaction of $51,450.00. Following the completion of the transaction, the director now owns 101,287 shares of the company’s stock, valued at $148,891.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 10.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MultiPlan

A number of large investors have recently made changes to their positions in MPLN. Point72 Asset Management L.P. lifted its stake in MultiPlan by 74.2% in the second quarter. Point72 Asset Management L.P. now owns 4,073,000 shares of the company’s stock worth $22,361,000 after acquiring an additional 1,734,900 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of MultiPlan by 3.3% during 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 purchasing an additional 1,219,754 shares in the last quarter. Ares Management LLC purchased a new position in shares of MultiPlan during the first quarter valued at about $3,744,000. First Trust Advisors LP raised its stake in MultiPlan by 2,655.7% in the first quarter. First Trust Advisors LP now owns 756,610 shares of the company’s stock worth $3,541,000 after buying an additional 729,154 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in MultiPlan by 23.6% in the second quarter. Northern Trust Corp now owns 3,554,675 shares of the company’s stock worth $19,516,000 after buying an additional 679,090 shares during the period. 82.97% of the stock is currently owned by institutional investors.

About MultiPlan

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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.

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