Guggenheim Initiates Coverage on Claritev (NYSE:CTEV)

Stock analysts at Guggenheim initiated coverage on shares of Claritev (NYSE:CTEV) in a research note issued to investors on Monday. The brokerage set a “buy” rating and a $43.00 price target on the stock. Guggenheim’s price objective would indicate a potential upside of 47.36% from the stock’s current price.

Other analysts have also issued reports about the stock. Citigroup cut their target price on shares of Claritev from $80.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday. Wells Fargo & Company set a $33.00 price target on shares of Claritev and gave the stock an “equal weight” rating in a report on Thursday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $46.33.

Claritev Price Performance

Shares of NYSE CTEV opened at $29.18 on Monday. The company has a market cap of $482.35 million, a price-to-earnings ratio of -1.40 and a beta of 0.51. The stock’s 50-day moving average is $44.45 and its two-hundred day moving average is $51.71. Claritev has a 1-year low of $11.70 and a 1-year high of $74.07.

Insider Activity at Claritev

In other news, major shareholder Corporate Investors Viii H&F sold 1,500,000 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $48.67, for a total value of $73,005,000.00. Following the completion of the transaction, the insider owned 8,932 shares in the company, valued at approximately $434,720.44. This represents a 99.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP William B. Mintz bought 916 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was bought at an average cost of $38.00 per share, for a total transaction of $34,808.00. Following the completion of the transaction, the senior vice president directly owned 65,325 shares in the company, valued at approximately $2,482,350. The trade was a 1.42% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 17,347 shares of company stock worth $710,938 over the last 90 days. 8.00% of the stock is owned by corporate insiders.

Institutional Trading of Claritev

Several institutional investors and hedge funds have recently made changes to their positions in CTEV. Rhumbline Advisers purchased a new position in Claritev during the 3rd quarter worth approximately $567,000. JPMorgan Chase & Co. purchased a new stake in Claritev in the third quarter valued at approximately $1,245,000. Vanguard Group Inc. acquired a new stake in shares of Claritev in the third quarter valued at approximately $27,483,000. Citigroup Inc. acquired a new position in shares of Claritev in the 3rd quarter valued at $2,025,000. Finally, Ameritas Investment Partners Inc. purchased a new stake in Claritev in the 3rd quarter valued at $42,000. 87.15% of the stock is owned by hedge funds and other institutional investors.

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.