Claritev (NYSE:CTEV) Shares Gap Down – Should You Sell?

Shares of Claritev (NYSE:CTEV) gapped down before the market opened on Tuesday . The stock had previously closed at $38.12, but opened at $35.02. Claritev shares last traded at $35.50, with a volume of 4,417 shares trading hands.

Analysts Set New Price Targets

Several research analysts have commented on the company. Zacks Research raised Claritev from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Citigroup reissued a “buy” rating and issued a $45.00 price objective (up from $40.00) on shares of Claritev in a research report on Monday, August 10th. Wells Fargo & Company raised their price objective on shares of Claritev from $22.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 12th. Piper Sandler reaffirmed an “overweight” rating and set a $73.00 target price on shares of Claritev in a research report on Wednesday, August 12th. Finally, Barclays started coverage on shares of Claritev in a research note on Friday, April 24th. They set an “overweight” rating and a $28.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.83.

Claritev Price Performance

The stock has a market capitalization of $610.37 million, a P/E ratio of -2.12 and a beta of 0.74. The firm has a 50 day moving average of $30.01 and a 200-day moving average of $24.08.

Claritev (NYSE:CTEV) last posted its quarterly earnings results on Friday, August 7th. The company reported $1.41 EPS for the quarter, beating the consensus estimate of ($4.10) by $5.51. The firm had revenue of $257.48 million during the quarter. As a group, equities analysts expect that Claritev will post -15.08 earnings per share for the current year.

Insider Activity

In related news, SVP William B. Mintz sold 8,431 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $34.24, for a total value of $288,677.44. Following the completion of the transaction, the senior vice president directly owned 71,195 shares in the company, valued at approximately $2,437,716.80. This represents a 10.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. State of Wyoming acquired a new stake in Claritev during the fourth quarter worth $25,000. Ameritas Investment Partners Inc. acquired a new position in shares of Claritev in the 3rd quarter valued at $42,000. Legal & General Group Plc acquired a new position in shares of Claritev in the 3rd quarter valued at $45,000. Los Angeles Capital Management LLC bought a new position in shares of Claritev during the 4th quarter worth about $45,000. Finally, BNP Paribas Financial Markets bought a new position in shares of Claritev during the 3rd quarter worth about $79,000. 87.15% of the stock is owned by institutional investors.

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.