Claritev (NYSE:CTEV) Shares Up 8% – Here’s Why

Claritev (NYSE:CTEV)’s share price rose 8% during mid-day trading on Thursday . The company traded as high as $41.78 and last traded at $41.51. Approximately 132,747 shares were traded during trading, a decline of 5% from the average daily volume of 140,200 shares. The stock had previously closed at $38.43.

Analysts Set New Price Targets

A number of research firms have issued reports on CTEV. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Claritev in a report on Monday. Citigroup upped their target price on Claritev from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 10th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Claritev currently has a consensus rating of “Hold” and a consensus price target of $80.00.

Claritev Stock Up 7.0%

The stock has a market cap of $679.88 million, a PE ratio of -1.97 and a beta of 0.52. The business has a 50 day moving average price of $52.34 and a 200 day moving average price of $51.69. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 310.26.

Insider Activity

In other news, CEO Travis Dalton purchased 5,290 shares of the stock in a transaction that occurred on Thursday, November 20th. The shares were purchased at an average cost of $47.23 per share, with a total value of $249,846.70. Following the completion of the acquisition, the chief executive officer owned 9,572 shares of the company’s stock, valued at approximately $452,085.56. This represents a 123.54% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Corporate Investors Viii H&F sold 1,500,000 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $48.67, for a total transaction of $73,005,000.00. Following the sale, the insider owned 8,932 shares in the company, valued at approximately $434,720.44. This represents a 99.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders acquired 17,347 shares of company stock worth $710,938 over the last 90 days. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Claritev

A number of institutional investors have recently modified their holdings of CTEV. Ameritas Investment Partners Inc. purchased a new position in shares of Claritev in the 3rd quarter valued at about $42,000. Legal & General Group Plc purchased a new stake in shares of Claritev in the third quarter valued at approximately $45,000. BNP Paribas Financial Markets purchased a new stake in shares of Claritev in the third quarter valued at approximately $79,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Claritev during the 3rd quarter worth approximately $187,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Claritev during the 3rd quarter valued at approximately $322,000. 87.15% of the stock is currently owned by institutional investors and hedge funds.

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.