MultiPlan Co. (NYSE:MPLN) Short Interest Update

MultiPlan Co. (NYSE:MPLN - Get Free Report) was the recipient of a large decrease in short interest during 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. Currently, 3.4% of the shares of the company are sold short. Based on an average daily trading volume, of 73,700 shares, the days-to-cover ratio is currently 3.1 days.

Hedge Funds Weigh In On MultiPlan

Hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in MultiPlan by 19.4% during 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 during the period. Empowered Funds LLC raised its holdings in shares of MultiPlan by 98.8% in 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. Fore Capital LLC acquired a new stake in MultiPlan during the second quarter valued at approximately $37,000. Cubist Systematic Strategies LLC bought a new stake in MultiPlan during the second quarter worth approximately $72,000. Finally, Millennium Management LLC grew its position in MultiPlan by 3,401.0% in the second quarter. Millennium Management LLC now owns 8,426,081 shares of the company's stock worth $3,273,000 after buying an additional 8,185,402 shares during the last quarter. 87.15% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently weighed in on MPLN shares. Piper Sandler reaffirmed a "neutral" rating and issued a $40.00 price objective (down previously from $80.00) on shares of MultiPlan in a report on Wednesday, August 7th. Citigroup reduced their price objective on MultiPlan from $17.20 to $10.00 and set a "neutral" rating for the company in a research report on Monday, September 23rd.

MultiPlan Stock Down 12.6 %

MultiPlan stock traded down $0.89 during trading hours on Friday, hitting $6.18. 169,266 shares of the company traded hands, compared to its average volume of 64,854. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 21.73. The stock has a market cap of $99.75 million, a price-to-earnings ratio of -0.07 and a beta of 0.46. MultiPlan has a 1-year low of $6.00 and a 1-year high of $69.20.

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.

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