MultiPlan Co. (NYSE:MPLN) Sees Large Decline in Short Interest

MultiPlan Co. (NYSE:MPLN) was the recipient of a significant decline in short interest in the month of December. As of December 15th, there was short interest totalling 302,600 shares, a decline of 13.7% from the November 30th total of 350,700 shares. Approximately 4.6% of the company’s shares are short sold. Based on an average daily trading volume, of 112,900 shares, the days-to-cover ratio is presently 2.7 days.

MultiPlan Price Performance

Shares of MPLN traded down $1.98 during trading hours on Tuesday, hitting $13.48. The stock had a trading volume of 113,710 shares, compared to its average volume of 79,950. The business’s 50 day moving average is $8.30. MultiPlan has a 1-year low of $4.80 and a 1-year high of $58.40. 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 cap of $217.99 million, a price-to-earnings ratio of -0.14 and a beta of 0.42.

Analysts Set New Price Targets

Separately, Citigroup reduced their price objective on shares of MultiPlan from $17.20 to $10.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd.

Institutional Investors Weigh In On MultiPlan

A number of hedge funds have recently added to or reduced their stakes in MPLN. Hsbc Holdings PLC raised 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 purchasing an additional 88,944 shares during the period. Fore Capital LLC bought a new position in shares of 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 about $43,000. Cubist Systematic Strategies LLC acquired a new position in shares of MultiPlan during the second quarter valued at about $72,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of MultiPlan during the second quarter worth about $245,000. 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.