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

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

Wall Street Analyst Weigh In

CTEV has been the topic of a number of research analyst reports. Barclays reaffirmed an “overweight” rating and set a $40.00 price target (up from $28.00) on shares of Claritev in a report on Thursday, August 20th. Wells Fargo & Company raised their target price on shares of Claritev from $22.00 to $30.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 12th. Wall Street Zen upgraded Claritev from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Piper Sandler reiterated an “overweight” rating and set a $73.00 price objective on shares of Claritev in a research report on Wednesday, August 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a research note on Wednesday, June 24th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.83.

Claritev Price Performance

The firm has a market capitalization of $548.50 million, a P/E ratio of -1.90 and a beta of 0.88. The stock’s 50-day simple moving average is $32.53 and its two-hundred day simple moving average is $26.28.

Claritev (NYSE:CTEV) last announced its quarterly earnings data on Friday, August 7th. The company reported $1.41 EPS for the quarter, beating the consensus estimate of ($4.10) by $5.51. The business had revenue of $257.48 million during the quarter. On average, analysts forecast that Claritev will post -15.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Claritev

In related news, SVP Tiffani Misencik sold 8,850 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $40.07, for a total transaction of $354,619.50. Following the completion of the transaction, the senior vice president directly owned 123,723 shares of the company’s stock, valued at approximately $4,957,580.61. This represents a 6.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Travis Dalton acquired 4,500 shares of Claritev stock in a transaction on Thursday, August 27th. The stock was purchased at an average cost of $38.81 per share, for a total transaction of $174,645.00. Following the purchase, the chief executive officer owned 50,372 shares in the company, valued at approximately $1,954,937.32. The trade was a 9.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 7.40% of the company’s stock.

Institutional Trading of Claritev

A number of large investors have recently made changes to their positions in CTEV. Integrated Wealth Concepts LLC purchased a new stake in Claritev in the 2nd quarter valued at about $44,000. State of Wyoming increased its holdings in shares of Claritev by 239.2% in the first quarter. State of Wyoming now owns 2,018 shares of the company’s stock valued at $33,000 after purchasing an additional 1,423 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Claritev during the first quarter worth $38,000. AXQ Capital LP acquired a new stake in shares of Claritev during the fourth quarter valued at about $223,000. Finally, Engineers Gate Manager LP acquired a new stake in Claritev during the 2nd quarter valued at approximately $245,000. 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.