Claritev (NYSE:CTEV) Trading 4% Higher – Here’s Why

Shares of Claritev (NYSE:CTEV) were up 4% during mid-day trading on Thursday . The stock traded as high as $37.77 and last traded at $37.74. 9,545 shares were traded during trading, a decline of 94% from the average session volume of 159,569 shares. The stock had previously closed at $36.29.

Analyst Upgrades and Downgrades

A number of research firms have commented on CTEV. Canaccord Genuity Group boosted their price target on shares of Claritev from $37.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Citigroup reiterated a “buy” rating and issued a $45.00 target price (up from $40.00) on shares of Claritev in a research note on Monday, August 10th. Zacks Research raised Claritev from a “strong sell” rating to a “hold” rating in a report on Thursday, August 13th. Barclays restated an “overweight” rating and set a $40.00 price target (up from $28.00) on shares of Claritev in a research report on Thursday, August 20th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $73.00 price objective on shares of Claritev in a research report on Wednesday, August 12th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.83.

Claritev Stock Performance

The firm’s 50-day simple moving average is $32.36 and its 200 day simple moving average is $25.82. The company has a market cap of $610.09 million, a P/E ratio of -2.12 and a beta of 0.88.

Claritev (NYSE:CTEV) last announced its quarterly earnings data on Friday, August 7th. The company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of ($4.10) by $5.51. The company had revenue of $257.48 million for the quarter. As a group, research analysts forecast that Claritev will post -15.13 earnings per share for the current year.

Insider Activity at Claritev

In other Claritev news, SVP Tiffani Misencik sold 8,850 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $40.07, for a total value of $354,619.50. Following the completion of the sale, the senior vice president owned 123,723 shares of the company’s stock, valued at approximately $4,957,580.61. This represents a 6.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP William B. Mintz sold 8,431 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $34.24, for a total transaction of $288,677.44. Following the completion of the sale, the senior vice president owned 71,195 shares in the company, valued at approximately $2,437,716.80. This trade represents a 10.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 7.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Claritev

A number of large investors have recently made changes to their positions in CTEV. Public Investment Fund acquired a new position in Claritev in the second quarter valued at about $43,703,438. Bank of America Corp DE lifted its holdings in shares of Claritev by 146.6% during the 1st quarter. Bank of America Corp DE now owns 97,795 shares of the company’s stock valued at $1,598,000 after purchasing an additional 58,133 shares in the last quarter. Arini Captial Management Ltd bought a new position in shares of Claritev during the 4th quarter valued at about $64,291,000. Beach Point Capital Management LP grew its position in shares of Claritev by 77.4% in the 4th quarter. Beach Point Capital Management LP now owns 755,002 shares of the company’s stock valued at $32,276,000 after purchasing an additional 329,424 shares during the period. Finally, UBS Group AG acquired a new position in shares of Claritev in the 3rd quarter valued at approximately $2,959,000. Institutional investors own 87.15% of the company’s stock.

Claritev Company Profile

Claritev is a healthcare technology, data and insights company focused on improving affordability,  transparency and quality. Led by deeply experienced associates, data scientists, and innovators, Claritev provides tech-enabled solutions and services fueled by multiple data sources from over 40 years of claims repricing. Claritev utilizes world-class technology and AI solutions to power a robust enterprise platform that delivers meaningful insights to drive affordability in healthcare, brings price transparency and optimizes networks and benefits design.