Short Interest in MultiPlan Co. (NYSE:MPLN) Declines By 97.4%

MultiPlan Co. (NYSE:MPLN) saw a significant decrease in short interest in September. As of September 15th, there was short interest totalling 404,600 shares, a decrease of 97.4% from the August 31st total of 15,520,000 shares. Currently, 6.1% of the shares of the company are sold short. Based on an average daily volume of 85,100 shares, the days-to-cover ratio is presently 4.8 days.

MultiPlan Trading Down 2.3 %

Shares of MultiPlan stock traded down $0.17 during trading on Wednesday, hitting $7.22. The stock had a trading volume of 163,332 shares, compared to its average volume of 63,583. MultiPlan has a 1 year low of $6.35 and a 1 year high of $71.20. The stock has a 50 day simple moving average of $0.75 and a 200 day simple moving average of $0.65. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 7.48. The company has a market capitalization of $116.53 million, a PE ratio of -7.37 and a beta of 0.52.

MultiPlan (NYSE:MPLN) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm had revenue of $233.48 million for the quarter, compared to analysts’ expectations of $253.59 million. MultiPlan had a negative net margin of 122.73% and a negative return on equity of 8.90%. During the same period in the previous year, the company posted ($0.06) EPS. On average, research analysts expect that MultiPlan will post -7.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MPLN shares. Piper Sandler reiterated a “neutral” rating and set a $1.00 price objective (down previously from $2.00) on shares of MultiPlan in a research report on Wednesday, August 7th. Citigroup reduced their target price on MultiPlan from $17.20 to $10.00 and set a “neutral” rating for the company in a report on Monday.

Insider Transactions at MultiPlan

In related news, CEO Travis Dalton bought 500,000 shares of the stock in a transaction on Wednesday, August 7th. The shares were purchased at an average price of $0.37 per share, with a total value of $185,000.00. Following the purchase, the chief executive officer now owns 5,004,504 shares in the company, valued at $1,851,666.48. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Douglas Michael Garis bought 1,150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired at an average price of $0.30 per share, with a total value of $345,000.00. Following the completion of the purchase, the chief financial officer now directly owns 4,721,428 shares of the company’s stock, valued at approximately $1,416,428.40. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Travis Dalton bought 500,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average cost of $0.37 per share, for a total transaction of $185,000.00. Following the completion of the acquisition, the chief executive officer now owns 5,004,504 shares of the company’s stock, valued at $1,851,666.48. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 1,731,165 shares of company stock valued at $555,161. 8.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MultiPlan

Several hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its position in MultiPlan by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,522,486 shares of the company’s stock worth $12,272,000 after buying an additional 482,944 shares in the last quarter. Millennium Management LLC raised its holdings in shares of MultiPlan by 3,401.0% during the second 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 in the last quarter. AQR Capital Management LLC boosted its position in MultiPlan by 386.2% during the second quarter. AQR Capital Management LLC now owns 2,742,735 shares of the company’s stock valued at $1,065,000 after purchasing an additional 2,178,590 shares during the last quarter. Empowered Funds LLC grew its stake in MultiPlan by 98.8% in the first quarter. Empowered Funds LLC now owns 1,550,620 shares of the company’s stock valued at $1,258,000 after purchasing an additional 770,826 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in MultiPlan in the 2nd quarter worth about $245,000. 87.15% of the stock is owned by hedge funds and other institutional investors.

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.