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

MultiPlan Co. (NYSE:MPLN) was the recipient of a significant decline in short interest during 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. Approximately 3.4% of the shares of the stock are short sold. Based on an average daily volume of 73,700 shares, the short-interest ratio is presently 3.1 days.

MultiPlan Price Performance

MPLN stock traded down $0.89 during trading on Friday, reaching $6.18. The company had a trading volume of 169,266 shares, compared to its average volume of 64,854. The company has a debt-to-equity ratio of 21.73, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $99.75 million, a P/E ratio of -0.07 and a beta of 0.46. MultiPlan has a 52 week low of $6.00 and a 52 week high of $69.20.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of MPLN. Point72 DIFC Ltd purchased a new position in MultiPlan during the second quarter valued at $43,000. Cubist Systematic Strategies LLC bought a new stake in shares of MultiPlan during the second quarter valued at approximately $72,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in MultiPlan in the 2nd quarter worth approximately $245,000. Millennium Management LLC raised its holdings in MultiPlan by 3,401.0% in the 2nd quarter. Millennium Management LLC now owns 8,426,081 shares of the company’s stock worth $3,273,000 after acquiring an additional 8,185,402 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in MultiPlan by 386.2% in the 2nd quarter. AQR Capital Management LLC now owns 2,742,735 shares of the company’s stock valued at $1,065,000 after acquiring an additional 2,178,590 shares in the last quarter. 87.15% of the stock is owned by hedge funds and other institutional investors.

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.