Short Interest in MultiPlan Co. (NYSE:MPLN) Drops By 38.5%

MultiPlan Co. (NYSE:MPLNGet Free Report) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 225,900 shares, a drop of 38.5% from the October 15th total of 367,600 shares. Approximately 3.4% of the shares of the stock are short sold. Based on an average daily volume of 73,700 shares, the short-interest ratio is currently 3.1 days.

Institutional Investors Weigh In On MultiPlan

A number of large investors have recently modified their holdings of MPLN. Fore Capital LLC acquired a new stake in MultiPlan during the 2nd quarter valued at $37,000. Point72 DIFC Ltd acquired a new stake in shares of MultiPlan during the second quarter valued at about $43,000. Cubist Systematic Strategies LLC acquired a new stake in shares of MultiPlan during the second quarter valued at about $72,000. Hsbc Holdings PLC increased its position in shares of MultiPlan by 68.7% during the second quarter. Hsbc Holdings PLC now owns 218,459 shares of the company’s stock worth $87,000 after acquiring an additional 88,944 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of MultiPlan by 19.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 407,105 shares of the company’s stock worth $331,000 after acquiring an additional 66,172 shares in the last quarter. Institutional investors and hedge funds own 87.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MPLN. Piper Sandler restated a “neutral” rating and issued a $40.00 target price (down from $80.00) on shares of MultiPlan in a report on Wednesday, August 7th. Citigroup reduced their price objective on shares of MultiPlan from $17.20 to $10.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd.

Check Out Our Latest Research Report on MPLN

MultiPlan Stock Performance

Shares of NYSE MPLN traded down $0.89 during midday trading on Friday, hitting $6.18. The stock had a trading volume of 169,266 shares, compared to its average volume of 64,854. The company has a debt-to-equity ratio of 21.73, a current ratio of 1.05 and a quick ratio of 1.05. MultiPlan has a 1-year low of $6.00 and a 1-year high of $69.20. The firm has a market capitalization of $99.75 million, a P/E ratio of -0.07 and a beta of 0.46.

About MultiPlan

(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.

Further Reading

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