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

MultiPlan Co. (NYSE:MPLN) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 225,900 shares, a decline of 38.5% from the October 15th total of 367,600 shares. Based on an average daily trading volume, of 73,700 shares, the short-interest ratio is presently 3.1 days. Approximately 3.4% of the company’s stock are short sold.

MultiPlan Stock Performance

MPLN traded down $0.89 during trading hours on Friday, hitting $6.18. 169,266 shares of the stock were exchanged, compared to its average volume of 64,854. The stock has a market capitalization of $99.75 million, a PE ratio of -0.07 and a beta of 0.46. 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 12 month low of $6.00 and a 12 month high of $69.20.

Wall Street Analyst Weigh In

MPLN has been the topic of a number of recent analyst reports. Citigroup cut their target price 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. Piper Sandler reissued a “neutral” rating and issued a $40.00 price objective (down from $80.00) on shares of MultiPlan in a report on Wednesday, August 7th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of MultiPlan by 19.4% in 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 last quarter. Hsbc Holdings PLC increased its position in MultiPlan by 68.7% in the second quarter. Hsbc Holdings PLC now owns 218,459 shares of the company’s stock worth $87,000 after buying an additional 88,944 shares during the period. Fore Capital LLC bought a new stake in MultiPlan in the second quarter valued at $37,000. Point72 DIFC Ltd acquired a new position in shares of MultiPlan during the second quarter valued at $43,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of MultiPlan during the second quarter worth about $72,000. 87.15% of the stock is currently owned by institutional investors.

MultiPlan Company Profile

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.