Claritev (NYSE:CTEV) Shares Down 7% – Here’s What Happened

Claritev (NYSE:CTEV) shares dropped 7% on Friday . The stock traded as low as $31.49 and last traded at $32.29. 33,351 shares traded hands during trading, a decline of 81% from the average session volume of 176,208 shares. The stock had previously closed at $34.72.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Citigroup restated a “buy” rating on shares of Claritev in a research note on Wednesday, May 13th. Barclays began coverage on Claritev in a report on Friday, April 24th. They issued an “overweight” rating and a $28.00 price target on the stock. Canaccord Genuity Group assumed coverage on Claritev in a research report on Friday, May 29th. They set a “buy” rating and a $32.00 price objective for the company. Wells Fargo & Company lowered their price objective on Claritev from $30.00 to $22.00 and set an “equal weight” rating for the company in a research note on Thursday, March 19th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Claritev in a research report on Wednesday. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.67.

Claritev Trading Down 5.8%

The company has a market cap of $557.53 million, a price-to-earnings ratio of -1.89 and a beta of 0.77. The stock has a 50-day simple moving average of $25.28 and a 200-day simple moving average of $25.48.

Institutional Trading of Claritev

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. H&F Corporate Investors VIII Ltd. acquired a new stake in shares of Claritev in the third quarter valued at $285,988,000. Oak Hill Advisors LP bought a new position in Claritev during the third quarter valued at about $4,871,000. Topline Capital Management LLC acquired a new position in Claritev during the third quarter worth about $10,711,000. Citigroup Inc. acquired a new position in Claritev during the third quarter worth about $2,025,000. Finally, Arini Captial Management Ltd bought a new stake in Claritev in the fourth quarter worth about $64,291,000. 87.15% of the stock is currently owned by 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.