Stock Traders Purchase Large Volume of Put Options on MultiPlan (NYSE:MPLN)

MultiPlan Co. (NYSE:MPLN) saw unusually large options trading on Wednesday. Stock investors bought 3,470 put options on the stock. This is an increase of approximately 1,101% compared to the average daily volume of 289 put options.

Shares of MultiPlan stock opened at $7.69 on Thursday. The business has a 50 day moving average of $8.23. MultiPlan has a one year low of $6.12 and a one year high of $12.93.

MultiPlan (NYSE:MPLN) last issued its earnings results on Friday, November 13th. The company reported ($0.28) earnings per share for the quarter.

In related news, Director Michael Stuart Klein acquired 700,000 shares of the company’s stock in a transaction dated Monday, November 16th. The stock was purchased at an average price of $7.11 per share, with a total value of $4,977,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Galant bought 14,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 17th. The shares were acquired at an average price of $7.01 per share, with a total value of $101,645.00. Following the acquisition, the insider now owns 14,500 shares of the company’s stock, valued at $101,645. The disclosure for this purchase can be found here. Insiders have bought 3,464,597 shares of company stock valued at $26,235,288 in the last three months.

Several equities research analysts recently commented on MPLN shares. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell began coverage on MultiPlan in a research report on Monday, November 16th. They set a “buy” rating and a $10.00 price objective on the stock. Smith Barney Citigroup assumed coverage on MultiPlan in a research note on Monday, November 16th. They issued a “buy” rating and a $10.00 price objective on the stock.

About MultiPlan

MultiPlan Corporation provides data analytics and technology-enabled cost management solutions to the U.S. healthcare industry. The company offers analytics-based services, which reduce medical costs for consumers and payors through data-driven algorithms that detect claims anomalies; network-based services that reduce medical costs through contracted discounts with healthcare providers and include independent preferred provider organizations in the United States; and payment integrity services, which reduce medical costs by identifying and removing improper and unnecessary charges before claims are paid.

Recommended Story: What is Cost of Debt?