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

Shares of Claritev (NYSE:CTEV) gapped down prior to trading on Thursday . The stock had previously closed at $32.42, but opened at $30.31. Claritev shares last traded at $30.31, with a volume of 1,547 shares trading hands.

Analyst Upgrades and Downgrades

CTEV has been the topic of a number of research reports. Wells Fargo & Company set a $33.00 target price on shares of Claritev and gave the company an “equal weight” rating in a research report on Thursday, January 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Claritev in a report on Monday, December 29th. Guggenheim began coverage on shares of Claritev in a research note on Monday. They issued a “buy” rating and a $43.00 price objective for the company. Finally, Citigroup dropped their target price on Claritev from $80.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, January 9th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $46.33.

Claritev Price Performance

The company’s fifty day simple moving average is $42.45 and its 200-day simple moving average is $51.43. The firm has a market capitalization of $508.13 million, a PE ratio of -1.47 and a beta of 0.51.

Insiders Place Their Bets

In other Claritev news, EVP Michael Kim purchased 9,600 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were acquired at an average price of $38.25 per share, for a total transaction of $367,200.00. Following the completion of the purchase, the executive vice president owned 105,529 shares of the company’s stock, valued at approximately $4,036,484.25. The trade was a 10.01% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP William B. Mintz acquired 916 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was bought at an average cost of $38.00 per share, with a total value of $34,808.00. Following the completion of the transaction, the senior vice president directly owned 65,325 shares in the company, valued at $2,482,350. The trade was a 1.42% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 17,347 shares of company stock valued at $710,938. 8.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Claritev

Several hedge funds have recently modified their holdings of CTEV. H&F Corporate Investors VIII Ltd. purchased a new position in shares of Claritev in the 3rd quarter valued at about $285,988,000. AustralianSuper Pty Ltd purchased a new stake in shares of Claritev in the third quarter valued at approximately $169,605,000. Public Investment Fund acquired a new position in shares of Claritev during the 3rd quarter worth approximately $68,009,000. Vanguard Group Inc. purchased a new position in shares of Claritev during the 3rd quarter valued at approximately $27,483,000. Finally, Topline Capital Management LLC acquired a new stake in Claritev in the 3rd quarter valued at $10,711,000. 87.15% of the stock is 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.