MultiPlan (NYSE:MPLN) Stock Price Down 0.4% - Here's Why

Key Points

• MultiPlan (NYSE:MPLN) shares dropped by 0.4%, closing at $51.50, after trading as low as $48.85 during the day.
• Institutional ownership is significant, with hedge funds owning 87.15% of the company's stock, including notable increases in stakes by firms like Ares Management and Millennium Management.
• MultiPlan provides data analytics and technology-enabled cost management solutions for the healthcare industry, focusing on reducing medical costs through data-driven insights.

MultiPlan Co. (NYSE:MPLN - ) shares were down 0.4% during mid-day trading on Tuesday . The stock traded as low as $48.85 and last traded at $51.50. Approximately 131,974 shares changed hands during trading, an increase of 7% from the average daily volume of 123,649 shares. The stock had previously closed at $51.73.

MultiPlan Trading Down 0.4%

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 firm has a market capitalization of $832.81 million, a PE ratio of -0.54 and a beta of 0.13. The company's fifty day simple moving average is $57.40 and its 200-day simple moving average is $38.73.

Hedge Funds Weigh In On MultiPlan

Hedge funds and other institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio lifted its stake in shares of MultiPlan by 75.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 2,477 shares of the company's stock worth $37,000 after buying an additional 1,063 shares in the last quarter. Northern Trust Corp lifted its stake in shares of MultiPlan by 5.5% in the fourth quarter. Northern Trust Corp now owns 14,335 shares of the company's stock worth $212,000 after buying an additional 747 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of MultiPlan by 14.4% in the fourth quarter. Jane Street Group LLC now owns 19,985 shares of the company's stock worth $295,000 after buying an additional 2,512 shares in the last quarter. Millennium Management LLC lifted its stake in shares of MultiPlan by 43.1% in the fourth quarter. Millennium Management LLC now owns 152,785 shares of the company's stock worth $2,258,000 after buying an additional 46,002 shares in the last quarter. Finally, Ares Management LLC lifted its stake in shares of MultiPlan by 108.5% in the first quarter. Ares Management LLC now owns 1,863,105 shares of the company's stock worth $43,131,000 after buying an additional 969,367 shares in the last quarter. 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.

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