Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. MultiPlan Corporation shares valued at $51,443 were purchased by Colaluca Anthony Jr on Nov 21. At $1.47 per share, Colaluca Anthony Jr acquired 35,000 shares. The insider’s holdings grew to 101,287 shares worth approximately $0.11 million following the completion of this transaction.
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Also, Tabak Mark sold 4,500,000 shares, netting a total of over 17,100,000 in proceeds. Following the sale of shares at $3.80 each, the insider now holds 1,099,636 shares.
Before that, Kim Michael had sold 50,000 shares from its account. In a trade valued at $218,360, the SVP, Chief Information Officer traded MultiPlan Corporation shares for $4.37 each. Upon closing the transaction, the insider’s holdings decreased to 50,000 shares, worth approximately $0.4 million.
As published in a research note from Citigroup on December 13, 2022, MultiPlan Corporation [MPLN] has been rated down from a Buy to a Neutral and the price target has been revised to $2 from $3. This represents a 45.5% premium over Wednesday’s closing price. Analysts at Goldman started covering the stock with ‘”a Neutral”‘ outlook in a report released in mid July. Earlier on April 07, 2021, B. Riley Securities initiated its rating. Their recommendation was “a Buy” for MPLN stock.
Analyzing MPLN Stock Performance
On Wednesday, MultiPlan Corporation [NYSE: MPLN] plunged -0.91% to $1.09. The stock’s lowest price that day was $1.035, but it reached a high of $1.11 in the same session. During the last five days, there has been a drop of approximately -2.68%. Over the course of the year, MultiPlan Corporation shares have dropped approximately -5.22%. Shares of the company reached a 52-week high of $1.5000 on 02/02/23 and a 52-week low of $0.8677 on 02/23/23. A 50-day SMA is recorded $1.1464, while a 200-day SMA reached $2.8640. Nevertheless, trading volume fell to 2.69 million shares from 2.53 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 1.0467, which, if violated, would cause prices to drop to 1.0033. In the upper region, resistance lies at 1.1217. The next price resistance is at 1.1533. RSI (Relative Strength Index) is 48.42 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.0275, which suggests the price will decrease in the coming days. Percent R is at 25.93%, indicating bullish price movement. Stochastics %K at holding 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 Jan 12, 2023 jumping by 3.06 million shares to 20.24 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 17.18 million shares. A jump of 15.12% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 8.31 of the overall float, the days-to-cover ratio (short ratio) jumped to 8.31.
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, The Vanguard Group, Inc.’s stake is now worth $32,477,764. T. Rowe Price Investment Manageme reduced a -39.81% interest valued at $22.54 million while BlackRock Fund Advisors purchased a 669,587 stake. A total of -6,589,966 shares of MultiPlan Corporation were bought by Partners Group AG during the quarter, and 4,827,838 were bought by Ares Management LLC. In its current portfolio, D. E. Shaw & Co. LP holds 12,069,510 shares valued at $12.19 million.
In terms of MultiPlan Corporation share price expectations, FactSet research, analysts set an average price target of $1.42 in the next 12 months, up nearly 13.64% from the previous closing price of $1.10. Analysts anticipate MultiPlan Corporation stock to reach $2.00 by 2023, with the lowest price target being $1.00. In spite of this, 3 analysts ranked MultiPlan Corporation stock as an Overweight at the end of 2023. On March 19, 2021, Barclays assigned a price target of “an Equal weight” to the stock and initiated coverage with a $7.