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

MultiPlan Co. (NYSE:MPLN) was the recipient of a large decline in short interest in 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 shares are sold short.

MultiPlan Stock Performance

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

Analysts Set New Price Targets

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

Institutional Investors Weigh In On MultiPlan

A number of institutional investors have recently modified their holdings of the stock. Empowered Funds LLC raised its stake 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 in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in 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 buying an additional 66,172 shares during the last quarter. Fore Capital LLC bought a new stake in MultiPlan in the second quarter worth approximately $37,000. Hsbc Holdings PLC increased its stake in shares of MultiPlan by 68.7% during the 2nd quarter. Hsbc Holdings PLC now owns 218,459 shares of the company’s stock worth $87,000 after purchasing an additional 88,944 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new position in shares of MultiPlan during the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 87.15% of the company’s stock.

About MultiPlan

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.