Claritev (NYSE:CTEV) Trading Down 4.3% – Here’s Why

Claritev (NYSE:CTEV)’s stock price traded down 4.3% on Thursday . The company traded as low as $32.06 and last traded at $32.11. 56,794 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 158,584 shares. The stock had previously closed at $33.56.

Analyst Ratings Changes

CTEV has been the topic of a number of analyst reports. Piper Sandler reissued an “overweight” rating and issued a $73.00 price target on shares of Claritev in a research note on Wednesday, August 12th. Citigroup reaffirmed a “buy” rating and set a $45.00 price objective (up from $40.00) on shares of Claritev in a research note on Monday, August 10th. Barclays reiterated an “overweight” rating and issued a $40.00 target price (up from $28.00) on shares of Claritev in a report on Thursday, August 20th. Canaccord Genuity Group lifted their target price on shares of Claritev from $37.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a report on Wednesday, June 24th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $44.83.

Claritev Stock Down 2.2%

The stock has a market capitalization of $525.96 million, a price-to-earnings ratio of -1.82 and a beta of 0.88. The firm has a 50-day moving average of $32.51 and a two-hundred day moving average of $26.44.

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 business had revenue of $257.48 million for the quarter. As a group, sell-side analysts predict that Claritev will post -15.13 EPS for the current year.

Insider Transactions at Claritev

In other Claritev news, SVP Tiffani Misencik sold 8,850 shares of the 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 in the company, valued at $4,957,580.61. This represents a 6.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP William B. Mintz sold 8,431 shares of Claritev stock in a transaction on Monday, August 10th. The shares were sold at an average price of $34.24, for a total transaction of $288,677.44. Following the sale, the senior vice president directly owned 71,195 shares of the company’s stock, valued at $2,437,716.80. This trade represents a 10.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 7.40% of the stock is owned by insiders.

Institutional Trading of Claritev

Several hedge funds and other institutional investors have recently modified their holdings of CTEV. Engineers Gate Manager LP acquired a new position in Claritev in the 2nd quarter worth about $245,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Claritev during the 2nd quarter valued at about $44,000. Public Investment Fund acquired a new stake in shares of Claritev during the 2nd quarter valued at about $43,703,438. FAS Wealth Partners Inc. grew its stake in shares of Claritev by 49.5% in the 1st quarter. FAS Wealth Partners Inc. now owns 46,477 shares of the company’s stock valued at $759,000 after buying an additional 15,380 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in Claritev by 146.6% in the first quarter. Bank of America Corp DE now owns 97,795 shares of the company’s stock worth $1,598,000 after buying an additional 58,133 shares during the last quarter. 87.15% of the stock is currently owned by hedge funds and other institutional investors.

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.