A company insider recently sold 4,500,000 shares of MultiPlan Corporation [MPLN]. Should You Sale?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. MultiPlan Corporation shares valued at $17,100,000 were sold by Tabak Mark on Aug 22. At $3.80 per share, Tabak Mark sold 4,500,000 shares. The insider’s holdings dropped to 1,099,636 shares worth approximately $3.24 million following the completion of this transaction.


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Also, Kim Michael sold 50,000 shares, netting a total of over 218,360 in proceeds. Following the sale of shares at $4.37 each, the insider now holds 362,386 shares.

Before that, Head James M had added 300,000 shares to its account. In a trade valued at $1,302,000, the EVP & Chief Financial Officer bought MultiPlan Corporation shares for $4.34 each. Upon closing the transaction, the insider’s holdings increased to 300,000 shares, worth approximately $0.89 million.

As published in their initiating research note from Goldman on July 12, 2022, MultiPlan Corporation [MPLN] has been a Neutral and the price target has been revised to $6.50. This represents a 54.62% premium over Wednesday’s closing price. As of April 07, 2021, B. Riley Securities has initiated its “Buy” rating for MPLN. Earlier on March 19, 2021, Barclays initiated its rating. Their recommendation was “an Equal weight” for MPLN stock.

Analyzing MPLN’s Price Performance

On Wednesday, MultiPlan Corporation [NYSE: MPLN] rose 0.34% to $2.95. The stock’s lowest price that day was $2.92, but it reached a high of $3.03 in the same session. During the last five days, there has been a drop of approximately -2.64%. Over the course of the year, MultiPlan Corporation shares have dropped approximately -33.41%. Shares of the company reached a 52-week high of $6.19 on 06/27/22 and a 52-week low of $2.88 on 09/16/22. A 50-day SMA is recorded $4.11, while a 200-day SMA reached $4.44. Nevertheless, trading volume fell to 1.41 million shares from 1.59 million shares the previous day.

Support And Resistance Levels for MultiPlan Corporation (MPLN)

According to the 24-hour chart, there is a support level at 2.90, which, if violated, would cause prices to drop to 2.86. In the upper region, resistance lies at 3.01. The next price resistance is at 3.08. RSI (Relative Strength Index) is 21.09 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.21, which suggests the price will decrease in the coming days. Percent R is at 88.89%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is MultiPlan Corporation subject to short interest?

Stocks of MultiPlan Corporation saw a sharp rise in short interest on Jul 14, 2022 jumping by 1.9 million shares to 31.04 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 29.14 million shares. A jump of 6.12% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 10.56 of the overall float, the days-to-cover ratio (short ratio) jumped to 10.56.

Which companies own the most shares of MultiPlan Corporation (MPLN)?

According to GIC Pte Ltd. filings, the company currently owns 49,612,794 shares, which is about 7.76% of the total MPLN shares outstanding. With the completion of the buy transaction, T. Rowe Price Associates, Inc.’s stake is now worth $133,413,291. The Vanguard Group, Inc. reduced a -2.13% interest valued at $112.61 million while Partners Group AG 0 stake. In its current portfolio, SSgA Funds Management, Inc. holds 7,157,493 shares valued at $25.19 million.

In terms of MultiPlan Corporation share price expectations, FactSet research, analysts set an average price target of $6.13 in the next 12 months, up nearly 104.08% from the previous closing price of $2.94. Analysts anticipate MultiPlan Corporation stock to reach $6.50 by 2022, with the lowest price target being $6.00. In spite of this, 4 analysts ranked MultiPlan Corporation stock as an Overweight at the end of 2022.

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