Claritev (NYSE:CTEV) Trading 13.1% Higher – Here’s Why

Claritev (NYSE:CTEV) shot up 13.1% during mid-day trading on Monday . The stock traded as high as $30.89 and last traded at $30.55. 57,610 shares traded hands during trading, a decline of 67% from the average session volume of 173,296 shares. The stock had previously closed at $27.00.

Analysts Set New Price Targets

Several brokerages recently issued reports on CTEV. Guggenheim reaffirmed a “buy” rating on shares of Claritev in a research note on Tuesday, February 24th. Wall Street Zen cut shares of Claritev from a “hold” rating to a “sell” rating in a research note on Saturday, April 25th. Barclays began coverage on shares of Claritev in a research note on Friday, April 24th. They set an “overweight” rating and a $28.00 price objective for the company. UBS Group reaffirmed a “buy” rating on shares of Claritev in a research note on Tuesday, February 24th. Finally, Wells Fargo & Company dropped their price objective on shares of Claritev from $30.00 to $22.00 and set an “equal weight” rating for the company in a research note on Thursday, March 19th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Claritev has an average rating of “Moderate Buy” and an average target price of $27.25.

Claritev Stock Down 3.6%

The firm’s 50 day moving average price is $19.15 and its two-hundred day moving average price is $31.93.

Insider Activity at Claritev

In other news, CEO Travis Dalton purchased 15,380 shares of the company’s stock in a transaction dated Friday, February 27th. The stock was acquired at an average price of $13.00 per share, with a total value of $199,940.00. Following the purchase, the chief executive officer directly owned 24,952 shares in the company, valued at approximately $324,376. This represents a 160.68% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Michael Kim purchased 15,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was purchased at an average cost of $16.50 per share, with a total value of $247,500.00. Following the purchase, the executive vice president owned 182,878 shares in the company, valued at approximately $3,017,487. This trade represents a 8.94% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders bought 61,680 shares of company stock valued at $899,437. Corporate insiders own 7.40% of the company’s stock.

Institutional Trading of Claritev

Several hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in shares of Claritev by 2.5% in the 1st quarter. Bank of New York Mellon Corp now owns 18,111 shares of the company’s stock worth $296,000 after acquiring an additional 447 shares during the last quarter. State of Wyoming acquired a new position in shares of Claritev in the 4th quarter worth approximately $25,000. Ameritas Investment Partners Inc. acquired a new position in shares of Claritev in the 3rd quarter worth approximately $42,000. Legal & General Group Plc acquired a new position in shares of Claritev in the 3rd quarter worth approximately $45,000. Finally, Invesco Ltd. lifted its holdings in shares of Claritev by 4.8% in the 4th quarter. Invesco Ltd. now owns 22,802 shares of the company’s stock worth $975,000 after acquiring an additional 1,044 shares during the last quarter. Hedge funds and other institutional investors own 87.15% of the company’s stock.

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.