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

MultiPlan Co. (NYSE:MPLN) will execute a 1-for-40 reverse stock split on September 23rd, following an announcement made on September 10th. Shareholders will see their share counts adjusted after the market closes on September 20th. The company has faced financial challenges, reporting a negative EPS and a significant net margin loss in its latest quarterly results. Recent insider trading includes substantial stock purchases by CFO Douglas Michael Garis and CEO Travis Dalton. Institutional investors hold a significant stake in the company, with recent increases in their holdings.

MultiPlan Co. (NYSE:MPLN - Free Report) shares 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 closing bell on Friday, September 20th.

MultiPlan Price Performance

Shares of NYSE:MPLN traded down $0.02 during midday trading on Wednesday, hitting $0.22. 4,353,352 shares of the stock were exchanged, compared to its average volume of 2,344,693. The stock has a market cap of $140.32 million, a P/E ratio of -0.22 and a beta of 0.52. 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 has a twelve month low of $0.17 and a twelve month high of $1.91. The company has a 50 day moving average price of $0.31 and a 200-day moving average price of $0.55.

MultiPlan (NYSE:MPLN - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $233.48 million during the quarter, compared to the consensus estimate 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 company posted ($0.06) EPS. On average, research analysts forecast that MultiPlan will post -0.18 earnings per share for the current year.

Analyst Ratings Changes

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

Get Our Latest Stock Report on MultiPlan

Insider Activity at MultiPlan

In other MultiPlan news, CFO Douglas Michael Garis purchased 1,150,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was bought at an average price of $0.30 per share, for a total transaction of $345,000.00. Following the acquisition, the chief financial officer now directly owns 4,721,428 shares of the company's stock, valued at $1,416,428.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other MultiPlan news, CEO Travis Dalton purchased 500,000 shares of the stock in a transaction on Wednesday, August 7th. The stock was bought at an average price of $0.37 per share, for a total transaction of $185,000.00. Following the acquisition, the chief executive officer now directly owns 5,004,504 shares of the company's stock, valued at $1,851,666.48. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas Michael Garis purchased 1,150,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was acquired at an average price of $0.30 per share, with a total value of $345,000.00. Following the acquisition, the chief financial officer now directly owns 4,721,428 shares in the company, valued at $1,416,428.40. The disclosure for this purchase can be found here. In the last quarter, insiders bought 1,731,165 shares of company stock valued at $555,161. 8.20% of the stock is owned by insiders.

Institutional Trading of MultiPlan

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MPLN. Charles Schwab Investment Management Inc. grew its holdings in shares of MultiPlan by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,522,486 shares of the company's stock worth $12,272,000 after purchasing an additional 482,944 shares during the period. Empowered Funds LLC grew its holdings in shares of MultiPlan by 98.8% during the 1st quarter. Empowered Funds LLC now owns 1,550,620 shares of the company's stock worth $1,258,000 after purchasing an additional 770,826 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in shares of MultiPlan by 68.8% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 45,653 shares of the company's stock worth $37,000 after purchasing an additional 18,603 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of MultiPlan by 19.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 407,105 shares of the company's stock worth $331,000 after purchasing an additional 66,172 shares during the period. Finally, Fore Capital LLC purchased a new stake in shares of MultiPlan during the 2nd quarter worth about $37,000. Hedge funds and other institutional investors own 87.15% of the company's stock.

MultiPlan Company Profile

(Get Free Report)

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.

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