Insider Buying: Claritev (NYSE:CTEV) Major Shareholder Acquires $1,714,235.06 in Stock

Claritev (NYSE:CTEV) major shareholder Ares Management Llc acquired 65,579 shares of the stock in a transaction that occurred on Tuesday, November 10th. The stock was purchased at an average price of $26.14 per share, with a total value of $1,714,235.06. Following the transaction, the insider owned 2,049,518 shares in the company, valued at $53,574,400.52. This represents a 3.31% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, November 9th, Ares Management Llc bought 50,000 shares of Claritev stock. The shares were acquired at an average price of $24.42 per share, for a total transaction of $1,221,000.00.
• On Monday, October 26th, Ares Management Llc bought 20,834 shares of Claritev stock. The stock was acquired at an average cost of $24.07 per share, with a total value of $501,474.38.
• On Friday, October 23rd, Ares Management Llc purchased 50,000 shares of Claritev stock. The stock was acquired at an average price of $23.53 per share, with a total value of $1,176,500.00.

Claritev Price Performance

Shares of Claritev stock traded down $1.10 during trading hours on Thursday, hitting $27.11. The company’s stock had a trading volume of 240,356 shares, compared to its average volume of 176,164. The company has a market capitalization of $459.43 million, a PE ratio of -1.65 and a beta of 1.05. The stock has a 50 day moving average of $26.68 and a 200 day moving average of $25.47. Claritev has a 12 month low of $11.50 and a 12 month high of $55.50.

Claritev (NYSE:CTEV) last released its quarterly earnings data on Monday, November 9th. The company reported $1.77 earnings per share for the quarter, beating the consensus estimate of ($3.68) by $5.45. The business had revenue of $268.31 million for the quarter. Equities analysts expect that Claritev will post -15.13 EPS for the current year.

Hedge Funds Weigh In On Claritev

Several hedge funds have recently modified their holdings of CTEV. Public Investment Fund acquired a new position in Claritev during the second quarter valued at approximately $43,703,438. Bank of America Corp DE grew its stake in Claritev by 146.6% in the first quarter. Bank of America Corp DE now owns 97,795 shares of the company’s stock valued at $1,598,000 after purchasing an additional 58,133 shares in the last quarter. RBF Capital LLC increased its position in shares of Claritev by 0.8% during the 1st quarter. RBF Capital LLC now owns 135,314 shares of the company’s stock worth $2,211,000 after purchasing an additional 1,127 shares during the last quarter. FAS Wealth Partners Inc. increased its position 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 purchasing an additional 15,380 shares during the last quarter. Finally, State of Wyoming raised its stake in shares of Claritev by 239.2% during the 1st quarter. State of Wyoming now owns 2,018 shares of the company’s stock worth $33,000 after purchasing an additional 1,423 shares in the last quarter. Institutional investors own 87.15% of the company’s stock.

Analyst Upgrades and Downgrades

CTEV has been the subject of a number of research reports. Zacks Research upgraded Claritev from a “strong sell” rating to a “hold” rating in a report on Thursday, August 13th. Wells Fargo & Company upped their price objective on Claritev from $22.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 12th. Citigroup reiterated a “buy” rating and set a $45.00 price objective (up from $40.00) on shares of Claritev in a report on Monday, August 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Claritev in a research report on Monday, September 21st. Finally, Canaccord Genuity Group boosted their target price on Claritev from $37.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Claritev currently has a consensus rating of “Moderate Buy” and an average price target of $44.83.

Claritev Company Profile

Claritev, formerly known as MultiPlan, provides technology-enabled services intended to help manage healthcare costs and support payment accuracy. Its offerings include access to provider networks, claims and payment solutions, and data analytics for evaluating healthcare costs and utilization. The company serves health plans, self-insured employers, third-party administrators and other participants in the U.S. healthcare system. Its services are designed to help customers identify cost-management opportunities and support more efficient healthcare transactions.