Citigroup Issues Positive Forecast for MultiPlan (NYSE:MPLN) Stock Price

MultiPlan (NYSE:MPLN) had its price objective increased by stock analysts at Citigroup from $10.00 to $12.50 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 2.71% from the stock’s current price.

MultiPlan Stock Performance

Shares of NYSE:MPLN traded down $0.20 during trading on Friday, hitting $12.17. 71,981 shares of the stock were exchanged, compared to its average volume of 166,325. The company has a fifty day moving average price of $8.93. 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 $196.80 million, a P/E ratio of -0.13 and a beta of 0.10. MultiPlan has a 1-year low of $4.80 and a 1-year high of $53.60.

Institutional Investors Weigh In On MultiPlan

Large investors have recently made changes to their positions in the company. Hsbc Holdings PLC lifted its holdings in MultiPlan by 68.7% in the second quarter. Hsbc Holdings PLC now owns 218,459 shares of the company’s stock valued at $87,000 after buying an additional 88,944 shares during the period. Point72 DIFC Ltd acquired a new position in shares of MultiPlan in the 2nd quarter valued at $43,000. Cubist Systematic Strategies LLC bought a new position in shares of MultiPlan in the 2nd quarter worth $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of MultiPlan during the second quarter worth $245,000. Finally, AQR Capital Management LLC increased its holdings in MultiPlan by 386.2% in 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. Institutional investors 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.