Claritev (NYSE:CTEV) Shares Gap Up Following Insider Buying Activity

Claritev (NYSE:CTEV) gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $38.13, but opened at $39.00. Claritev shares last traded at $38.59, with a volume of 43,281 shares changing hands.

Specifically, EVP Michael Kim purchased 9,600 shares of the firm’s stock in a transaction that occurred on 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 acquisition, the executive vice president directly owned 105,529 shares in the company, valued at approximately $4,036,484.25. The trade was a 10.01% 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.

Analyst Upgrades and Downgrades

Several brokerages have commented on CTEV. Weiss Ratings reiterated a “sell (d-)” rating on shares of Claritev in a research report on Tuesday. Citigroup increased their price objective on shares of Claritev from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Claritev currently has a consensus rating of “Hold” and a consensus price target of $80.00.

Claritev Stock Down 0.6%

The firm has a fifty day moving average of $56.89 and a 200-day moving average of $49.23. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 310.26. The firm has a market cap of $764.51 million, a P/E ratio of -2.21 and a beta of 0.42.

Institutional Investors Weigh In On Claritev

A number of institutional investors and hedge funds have recently made changes to their positions in CTEV. Ameritas Investment Partners Inc. acquired a new stake in shares of Claritev in the 3rd quarter valued at approximately $42,000. Legal & General Group Plc bought a new stake in Claritev during the third quarter worth $45,000. BNP Paribas Financial Markets acquired a new stake in Claritev in the third quarter valued at $79,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Claritev in the third quarter valued at $187,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Claritev in the 3rd quarter valued at about $322,000. Institutional investors own 87.15% of the company’s stock.

Claritev Company Profile

MultiPlan Corporation, together with its subsidiaries, provides data analytics and technology-enabled cost management, payment, and revenue integrity solutions to the healthcare industry in the United States. The company offers analytics-based services that reduce medical costs, through data-driven algorithms and insights that detect claims over-charges and negotiate or recommend reimbursement; and network-based services that provide contracted discounts with healthcare providers, as well as outsourced network development and management services.