Claritev (NYSE:CTEV) Shares Gap Down Following Insider Selling

Claritev (NYSE:CTEV) shares gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $38.12, but opened at $35.02. Claritev shares last traded at $35.50, with a volume of 4,417 shares.

Specifically, SVP Tiffani Misencik sold 8,850 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $40.07, for a total value of $354,619.50. Following the completion of the sale, the senior vice president owned 123,723 shares in the company, valued at $4,957,580.61. This represents a 6.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP William B. Mintz sold 8,431 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $34.24, for a total transaction of $288,677.44. Following the transaction, the senior vice president owned 71,195 shares in the company, valued at approximately $2,437,716.80. This trade represents a 10.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CTEV shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Claritev in a research note on Wednesday, June 24th. Canaccord Genuity Group boosted their target price on Claritev from $37.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Citigroup reaffirmed a “buy” rating and issued a $45.00 target price (up from $40.00) on shares of Claritev in a report on Monday, August 10th. Wall Street Zen raised Claritev from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Zacks Research upgraded Claritev from a “strong sell” rating to a “hold” rating in a report on Thursday, August 13th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $42.83.

Claritev Stock Down 0.5%

The firm has a market cap of $600.54 million, a P/E ratio of -2.08 and a beta of 0.74. The firm’s 50-day simple moving average is $30.27 and its 200 day simple moving average is $24.20.

Claritev (NYSE:CTEV) last released its earnings results on Friday, August 7th. The company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of ($4.10) by $5.51. The company had revenue of $257.48 million during the quarter. As a group, analysts forecast that Claritev will post -15.08 earnings per share for the current year.

Hedge Funds Weigh In On Claritev

Several institutional investors have recently bought and sold shares of the company. State of Wyoming bought a new position in Claritev during the fourth quarter valued at $25,000. Public Employees Retirement System of Ohio bought a new stake in shares of Claritev in the first quarter valued at $38,000. Ameritas Investment Partners Inc. purchased a new position in shares of Claritev during the 3rd quarter valued at $42,000. Legal & General Group Plc purchased a new position in shares of Claritev during the 3rd quarter valued at $45,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Claritev during the 4th quarter valued at $45,000. Hedge funds and other institutional investors own 87.15% of the company’s stock.

Claritev Company Profile

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.