Insider Buying: Claritev (NYSE:CTEV) Major Shareholder Buys $501,474.38 in Stock

Claritev (NYSE:CTEV) major shareholder Ares Management Llc acquired 20,834 shares of Claritev stock in a transaction dated Monday, October 26th. The stock was bought at an average price of $24.07 per share, for a total transaction of $501,474.38. Following the completion of the transaction, the insider directly owned 1,933,939 shares of the company’s stock, valued at approximately $46,549,911.73. This represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Friday, October 23rd, Ares Management Llc acquired 50,000 shares of Claritev stock. The shares were bought at an average cost of $23.53 per share, for a total transaction of $1,176,500.00.

Claritev Stock Up 4.2%

CTEV opened at $23.96 on Friday. The firm has a market cap of $406.12 million, a P/E ratio of -1.41 and a beta of 0.93. The business’s fifty day simple moving average is $29.19 and its 200 day simple moving average is $25.77. Claritev has a 52 week low of $11.50 and a 52 week high of $73.68.

Claritev (NYSE:CTEV) last announced its earnings results on Friday, August 7th. The company reported $1.41 earnings per share 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 -15.13 EPS for the current fiscal year.

Institutional Trading of Claritev

A number of hedge funds have recently added to or reduced their stakes in CTEV. Public Investment Fund purchased a new stake in Claritev in the 2nd quarter valued at about $43,703,438. Bank of America Corp DE lifted its holdings in shares of Claritev by 146.6% during the 1st quarter. Bank of America Corp DE now owns 97,795 shares of the company’s stock worth $1,598,000 after acquiring an additional 58,133 shares during the period. FAS Wealth Partners Inc. lifted its holdings in shares of Claritev by 49.5% during the 1st quarter. FAS Wealth Partners Inc. now owns 46,477 shares of the company’s stock worth $759,000 after acquiring an additional 15,380 shares during the period. Engineers Gate Manager LP purchased a new position in shares of Claritev during the 2nd quarter worth about $245,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Claritev in the first quarter worth approximately $38,000. 87.15% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on CTEV. Weiss Ratings reissued a “sell (d-)” rating on shares of Claritev in a research note on Monday, September 21st. Piper Sandler restated an “overweight” rating and set a $73.00 target price on shares of Claritev in a research report on Wednesday, August 12th. Wall Street Zen raised shares of Claritev from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Wells Fargo & Company boosted their price target on Claritev from $22.00 to $30.00 and gave the company an “equal weight” rating in a report on Wednesday, August 12th. Finally, Canaccord Genuity Group boosted their price target on Claritev from $37.00 to $43.00 and gave the company a “buy” rating in a report on Monday, August 10th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.83.

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.