Claritev (NYSE:CTEV) Shares Down 11% – What’s Next?

Claritev (NYSE:CTEV) traded down 11% during mid-day trading on Monday . The company traded as low as $48.09 and last traded at $48.14. 66,065 shares changed hands during trading, a decline of 52% from the average session volume of 136,332 shares. The stock had previously closed at $54.07.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Citigroup increased their price target on Claritev from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a report on Monday, November 24th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $80.00.

Claritev Price Performance

The company has a debt-to-equity ratio of 310.26, a current ratio of 1.21 and a quick ratio of 1.21. The business’s 50-day moving average price is $55.74 and its two-hundred day moving average price is $50.88. The firm has a market cap of $793.94 million, a price-to-earnings ratio of -2.30 and a beta of 0.52.

Insider Activity at Claritev

In other news, SVP William B. Mintz acquired 916 shares of Claritev stock in a transaction that occurred on Monday, November 17th. The shares were purchased at an average cost of $38.00 per share, for a total transaction of $34,808.00. Following the completion of the purchase, the senior vice president directly owned 65,325 shares of the company’s stock, valued at $2,482,350. This trade represents a 1.42% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Kim purchased 9,600 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was acquired at an average cost of $38.25 per share, with a total value 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. This trade represents a 10.01% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 17,347 shares of company stock worth $710,938. Company insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Claritev

Several institutional investors have recently modified their holdings of CTEV. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Claritev in the 3rd quarter valued at approximately $322,000. Verition Fund Management LLC acquired a new position in shares of Claritev in the third quarter worth $767,000. Susquehanna Fundamental Investments LLC acquired a new stake in Claritev during the third quarter valued at $344,000. Public Investment Fund purchased a new position in Claritev in the third quarter valued at about $68,009,000. Finally, Nomura Holdings Inc. acquired a new position in Claritev in the 3rd quarter worth about $7,817,000. Institutional investors own 87.15% of the company’s stock.

About Claritev

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.