Citigroup Forecasts Strong Price Appreciation for MultiPlan (NYSE:MPLN) Stock

MultiPlan (NYSE:MPLN) had its target price lifted by analysts at Citigroup from $10.00 to $12.50 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential downside of 2.11% from the stock’s current price.

MultiPlan Price Performance

NYSE:MPLN opened at $12.77 on Friday. The stock has a market cap of $206.50 million, a PE ratio of -0.13 and a beta of 0.10. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 21.73. The firm’s 50-day simple moving average is $9.00. MultiPlan has a fifty-two week low of $4.80 and a fifty-two week high of $53.60.

Institutional Investors Weigh In On MultiPlan

Several institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC bought a new position in MultiPlan during the second quarter valued at about $72,000. Millennium Management LLC increased its stake in MultiPlan by 3,401.0% in the second quarter. Millennium Management LLC now owns 8,426,081 shares of the company’s stock valued at $3,273,000 after acquiring an additional 8,185,402 shares during the period. AQR Capital Management LLC raised its holdings in shares of MultiPlan by 386.2% in the 2nd quarter. AQR Capital Management LLC now owns 2,742,735 shares of the company’s stock worth $1,065,000 after buying an additional 2,178,590 shares in the last quarter. Hsbc Holdings PLC raised its stake in MultiPlan by 68.7% during the second quarter. Hsbc Holdings PLC now owns 218,459 shares of the company’s stock worth $87,000 after acquiring an additional 88,944 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of MultiPlan during the 2nd quarter worth about $43,000. 87.15% of the stock is currently owned by institutional investors and hedge funds.

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.