MultiPlan Co. (NYSE:MPLN) Short Interest Down 38.5% in October

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

MultiPlan Price Performance

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

Institutional Trading of MultiPlan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd purchased a new position in shares of MultiPlan during the 2nd quarter worth $43,000. Cubist Systematic Strategies LLC bought a new position in MultiPlan in the 2nd quarter worth $72,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in MultiPlan during the second quarter valued at $245,000. Millennium Management LLC grew its holdings in MultiPlan by 3,401.0% during the second quarter. Millennium Management LLC now owns 8,426,081 shares of the company’s stock valued at $3,273,000 after purchasing an additional 8,185,402 shares during the period. Finally, AQR Capital Management LLC grew its holdings in MultiPlan by 386.2% during the second quarter. AQR Capital Management LLC now owns 2,742,735 shares of the company’s stock valued at $1,065,000 after purchasing an additional 2,178,590 shares during the period. 87.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Piper Sandler restated a “neutral” rating and set a $40.00 price objective (down previously from $80.00) on shares of MultiPlan in a research 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.

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.