Benzinga | Nov 11, 2020 03:34PM EST

Why MultiPlan's Stock Is Trading Lower Today

MultiPlan (NYSE:MPLN) shares are trading lower on Wednesday after Muddy Waters research issued a bearish short report on the company.

Muddy Waters says MPLN is in the process of losing its largest client, UnitedHealthcare, which has formed a competitor to MPLN that offers significantly lower prices and fewer conflicts of interest. The competitor is called Naviguard.

MultiPlan is committed to helping healthcare payors manage the cost of care, improve their competitiveness, and inspire positive change. The company interprets clients' needs and customizes innovative solutions that combine its payment integrity, network-based and analytics-based services. MultiPlan is a partner to over 700 healthcare payors in the commercial health, dental, government and property and casualty markets.

MultiPlan shares traded down 20.37% at $6.96 at the time of publication Wednesday. The stock has a 52-week high of $12.93 and a 52-week low of $6.20.