Oak Hill Advisors LP Sells 3,411,471 Shares of MultiPlan Co. (NYSE:MPLN)

Oak Hill Advisors LP cut its holdings in MultiPlan Co. (NYSE:MPLN - Free Report) by 97.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 87,463 shares of the company's stock after selling 3,411,471 shares during the period. MultiPlan makes up approximately 0.1% of Oak Hill Advisors LP's portfolio, making the stock its 14th biggest position. Oak Hill Advisors LP owned approximately 0.54% of MultiPlan worth $668,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Fore Capital LLC bought a new position in shares of MultiPlan during the 2nd quarter worth about $37,000. Point72 DIFC Ltd bought a new stake in shares of MultiPlan during the second quarter valued at approximately $43,000. Cubist Systematic Strategies LLC acquired a new position in shares of MultiPlan during the second quarter worth approximately $72,000. Hsbc Holdings PLC lifted its holdings in shares of MultiPlan by 68.7% in 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 in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in MultiPlan during the 2nd quarter valued at $245,000. 87.15% of the stock is owned by institutional investors and hedge funds.

MultiPlan Stock Performance

NYSE MPLN traded down $0.08 during trading on Wednesday, hitting $7.17. 52,963 shares of the company's stock traded hands, compared to its average volume of 65,483. 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 stock has a market capitalization of $115.95 million, a PE ratio of -0.08 and a beta of 0.42. MultiPlan Co. has a 12-month low of $4.80 and a 12-month high of $69.20. The business's 50 day simple moving average is $8.59.

Analysts Set New Price Targets

Separately, Citigroup lowered their price objective on MultiPlan from $17.20 to $10.00 and set a "neutral" rating for the company in a research note 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.