Claritev (NYSE:CTEV) Trading 41.9% Higher After Strong Earnings

Shares of Claritev (NYSE:CTEV) rose 41.9% during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $38.99 and last traded at $38.08. Approximately 47,731 shares traded hands during trading, a decline of 71% from the average session volume of 163,256 shares. The stock had previously closed at $26.84.

The company reported ($3.49) EPS for the quarter, beating analysts’ consensus estimates of ($4.10) by $0.61. The business had revenue of $257.48 million during the quarter.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Citigroup reissued a “buy” rating on shares of Claritev in a report on Wednesday, May 13th. Piper Sandler set a $61.00 target price on shares of Claritev in a research report on Wednesday, June 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Claritev in a research note on Wednesday, June 24th. Barclays began coverage on shares of Claritev in a research report on Friday, April 24th. They issued an “overweight” rating and a $28.00 price target for the company. Finally, Wall Street Zen downgraded shares of Claritev from a “hold” rating to a “sell” rating in a research note on Saturday, April 25th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $34.50.

Institutional Trading of Claritev

Large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its stake in shares of Claritev by 2.5% during the first quarter. Bank of New York Mellon Corp now owns 18,111 shares of the company’s stock worth $296,000 after purchasing an additional 447 shares during the last quarter. State of Wyoming acquired a new position in Claritev in the 4th quarter valued at $25,000. Ameritas Investment Partners Inc. purchased a new position in Claritev during the 3rd quarter worth $42,000. Legal & General Group Plc acquired a new stake in shares of Claritev in the 3rd quarter worth $45,000. Finally, Invesco Ltd. lifted its stake in shares of Claritev by 4.8% in the 4th quarter. Invesco Ltd. now owns 22,802 shares of the company’s stock worth $975,000 after acquiring an additional 1,044 shares during the period. Institutional investors and hedge funds own 87.15% of the company’s stock.

Claritev Stock Up 26.3%

The firm has a market cap of $578.17 million, a PE ratio of -1.96 and a beta of 0.74. The company’s fifty day moving average price is $28.75 and its two-hundred day moving average price is $23.74.

About Claritev

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.