Claritev (NYSE:CTEV) Shares Down 5.9% – What’s Next?

Claritev (NYSE:CTEV)’s stock price dropped 5.9% during trading on Friday . The company traded as low as $33.87 and last traded at $34.56. 82,212 shares traded hands during trading, a decline of 48% from the average session volume of 159,277 shares. The stock had previously closed at $36.74.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CTEV. Citigroup reiterated a “buy” rating and set a $45.00 price target (up from $40.00) on shares of Claritev in a report on Monday, August 10th. Zacks Research raised Claritev from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Wall Street Zen upgraded Claritev from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Canaccord Genuity Group boosted their price target on Claritev from $37.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $73.00 price objective on shares of Claritev in a research report on Wednesday, August 12th. Six 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.83.

Claritev Stock Performance

The stock has a 50 day moving average of $32.36 and a two-hundred day moving average of $25.82. The firm has a market capitalization of $610.20 million, a P/E ratio of -2.12 and a beta of 0.88.

Claritev (NYSE:CTEV) last announced its earnings results on Friday, August 7th. The company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($4.10) by $5.51. The company had revenue of $257.48 million for the quarter. Sell-side analysts predict that Claritev will post -15.13 EPS for the current year.

Insider Transactions at Claritev

In related news, SVP Tiffani Misencik sold 8,850 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $40.07, for a total value of $354,619.50. Following the transaction, the senior vice president directly owned 123,723 shares in the company, valued at approximately $4,957,580.61. This trade represents a 6.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP William B. Mintz sold 8,431 shares of Claritev stock in a transaction on Monday, August 10th. The stock was sold at an average price of $34.24, for a total transaction of $288,677.44. Following the completion of the transaction, the senior vice president owned 71,195 shares in the company, valued at $2,437,716.80. This trade represents a 10.59% decrease in their position. The SEC filing for this sale provides additional information. 7.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Claritev

Several hedge funds and other institutional investors have recently made changes to their positions in CTEV. State of Wyoming acquired a new position in shares of Claritev during the 4th quarter worth about $25,000. Ameritas Investment Partners Inc. acquired a new stake in Claritev during the third quarter worth about $42,000. Legal & General Group Plc bought a new stake in shares of Claritev during the third quarter valued at approximately $45,000. Los Angeles Capital Management LLC bought a new stake in Claritev in the 4th quarter valued at $45,000. Finally, Integrated Wealth Concepts LLC acquired a new position in Claritev in the second quarter worth about $44,000. 87.15% of the stock is owned by institutional investors and hedge funds.

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.