Claritev (NYSE:CTEV) Shares Gap Down – Time to Sell?

Claritev (NYSE:CTEV) gapped down prior to trading on Thursday . The stock had previously closed at $58.62, but opened at $51.50. Claritev shares last traded at $51.02, with a volume of 230,702 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Citigroup boosted their target price on shares of Claritev from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Claritev in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Claritev currently has an average rating of “Hold” and a consensus price target of $80.00.

Claritev Trading Down 14.2%

The business’s 50-day simple moving average is $59.61 and its two-hundred day simple moving average is $48.52. The stock has a market capitalization of $828.94 million, a price-to-earnings ratio of -2.41 and a beta of 0.42. The company has a debt-to-equity ratio of 310.26, a current ratio of 1.21 and a quick ratio of 0.98.

Hedge Funds Weigh In On Claritev

Several hedge funds and other institutional investors have recently bought and sold shares of CTEV. Legal & General Group Plc acquired a new stake in Claritev in the third quarter valued at approximately $45,000. Russell Investments Group Ltd. purchased a new position in shares of Claritev in the third quarter valued at $369,000. H&F Corporate Investors VIII Ltd. acquired a new stake in Claritev during the 3rd quarter valued at $285,988,000. AustralianSuper Pty Ltd acquired a new stake in Claritev during the 3rd quarter valued at $169,605,000. Finally, Quantbot Technologies LP purchased a new stake in Claritev during the 3rd quarter worth $385,000. 87.15% of the stock is owned by institutional investors and hedge funds.

About Claritev

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.