Short Interest in MultiPlan Co. (NYSE:MPLN) Declines By 16.8%

MultiPlan Co. (NYSE:MPLN) was the target of a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 367,600 shares, a drop of 16.8% from the September 30th total of 441,800 shares. Currently, 5.6% of the company’s shares are sold short. Based on an average daily trading volume, of 68,900 shares, the days-to-cover ratio is currently 5.3 days.

Analyst Ratings Changes

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

MultiPlan Stock Performance

Shares of MPLN traded up $0.52 during mid-day trading on Monday, reaching $10.21. 67,986 shares of the company’s stock traded hands, compared to its average volume of 64,064. MultiPlan has a 12 month low of $6.35 and a 12 month high of $69.20. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 7.48. The stock has a market cap of $6.58 billion, a PE ratio of -9.89 and a beta of 0.51.

MultiPlan (NYSE:MPLN) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($1.20) EPS for the quarter, beating analysts’ consensus estimates of ($1.60) by $0.40. MultiPlan had a negative net margin of 122.73% and a negative return on equity of 8.90%. The business had revenue of $233.48 million for the quarter, compared to analyst estimates of $253.59 million. During the same quarter last year, the business earned ($2.40) earnings per share. On average, analysts predict that MultiPlan will post -7.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Douglas Michael Garis purchased 28,750 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average cost of $12.00 per share, for a total transaction of $345,000.00. Following the acquisition, the chief financial officer now owns 118,035 shares in the company, valued at approximately $1,416,420. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other MultiPlan news, SVP William B. Mintz bought 2,029 shares of the stock in a transaction dated Tuesday, August 6th. The stock was bought at an average cost of $12.40 per share, for a total transaction of $25,159.60. Following the completion of the purchase, the senior vice president now directly owns 50,243 shares of the company’s stock, valued at approximately $623,013.20. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Douglas Michael Garis bought 28,750 shares of the stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average price of $12.00 per share, with a total value of $345,000.00. Following the completion of the purchase, the chief financial officer now directly owns 118,035 shares of the company’s stock, valued at approximately $1,416,420. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 43,279 shares of company stock valued at $555,160. 8.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC grew its position in MultiPlan by 98.8% during 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. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in MultiPlan by 68.8% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 45,653 shares of the company’s stock worth $37,000 after purchasing an additional 18,603 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in MultiPlan by 19.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 407,105 shares of the company’s stock worth $331,000 after purchasing an additional 66,172 shares in the last quarter. Fore Capital LLC purchased a new position in MultiPlan during the 2nd quarter worth approximately $37,000. Finally, Hsbc Holdings PLC grew its position in MultiPlan by 68.7% during 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. 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.