Claritev (NYSE:CTEV) Shares Gap Up – Should You Buy?

Claritev (NYSE:CTEV)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $34.08, but opened at $37.53. Claritev shares last traded at $37.27, with a volume of 2,446 shares traded.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $73.00 price target on shares of Claritev in a report on Wednesday, August 12th. Zacks Research raised shares of Claritev from a “strong sell” rating to a “hold” rating in a report on Thursday, August 13th. Barclays reissued an “overweight” rating and issued a $40.00 target price (up from $28.00) on shares of Claritev in a research report on Thursday. Citigroup restated a “buy” rating and issued a $45.00 target price (up from $40.00) on shares of Claritev in a research note on Monday, August 10th. Finally, Wall Street Zen raised Claritev from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.83.

Claritev Trading Up 1.6%

The firm’s fifty day moving average price is $30.43 and its 200 day moving average price is $24.31. The firm has a market capitalization of $641.56 million, a PE ratio of -2.23 and a beta of 0.74.

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

Insider Activity

In other news, SVP Tiffani Misencik sold 8,850 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $40.07, for a total value of $354,619.50. Following the completion of the transaction, the senior vice president owned 123,723 shares of the company’s stock, valued at $4,957,580.61. The trade was a 6.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP William B. Mintz sold 8,431 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were 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 of the company’s stock, valued at approximately $2,437,716.80. This trade represents a 10.59% decrease in their position. The SEC filing for this sale provides additional information. 7.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Arini Captial Management Ltd acquired a new stake in Claritev during the fourth quarter valued at $64,291,000. Public Investment Fund purchased a new position in Claritev in the second quarter valued at $43,703,438,000. Vanguard Group Inc. purchased a new position in Claritev in the third quarter valued at $27,483,000. Beach Point Capital Management LP raised its position in shares of Claritev by 77.4% in the fourth quarter. Beach Point Capital Management LP now owns 755,002 shares of the company’s stock worth $32,276,000 after acquiring an additional 329,424 shares during the period. Finally, Nomura Holdings Inc. acquired a new position in shares of Claritev in the third quarter worth about $7,817,000. 87.15% of the stock is currently owned by hedge funds and other 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.