Claritev (NYSE:CTEV) Price Target Cut to $21.00 by Analysts at Citigroup

Claritev (NYSE:CTEV) had its price target reduced by investment analysts at Citigroup from $63.00 to $21.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 51.52% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Guggenheim restated a “buy” rating on shares of Claritev in a research note on Tuesday. Wells Fargo & Company set a $30.00 price target on Claritev and gave the company an “equal weight” rating in a report on Tuesday. UBS Group reaffirmed a “buy” rating on shares of Claritev in a research note on Tuesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Claritev in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Claritev currently has an average rating of “Hold” and a consensus price target of $29.67.

Claritev Stock Up 2.1%

Shares of NYSE:CTEV traded up $0.29 during midday trading on Wednesday, reaching $13.86. The company’s stock had a trading volume of 561,004 shares, compared to its average volume of 202,713. The firm has a market capitalization of $228.81 million, a PE ratio of -0.80 and a beta of 0.51. Claritev has a twelve month low of $12.04 and a twelve month high of $74.07. The stock has a fifty day moving average of $30.51 and a 200 day moving average of $47.68.

Claritev (NYSE:CTEV) last posted its earnings results on Monday, February 23rd. The company reported ($4.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.96) by ($0.92). Claritev had a negative net margin of 29.45% and a negative return on equity of 245.89%. The business had revenue of $246.55 million for the quarter. Sell-side analysts anticipate that Claritev will post -6.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CTEV. H&F Corporate Investors VIII Ltd. purchased a new position in shares of Claritev in the third quarter valued at approximately $285,988,000. AustralianSuper Pty Ltd acquired a new position in Claritev in the 3rd quarter valued at $169,605,000. Arini Captial Management Ltd acquired a new position in Claritev in the 4th quarter valued at $64,291,000. Public Investment Fund purchased a new position in Claritev in the 3rd quarter valued at $68,009,000. Finally, Beach Point Capital Management LP boosted its stake in Claritev by 77.4% during the 4th quarter. Beach Point Capital Management LP now owns 755,002 shares of the company’s stock worth $32,276,000 after purchasing an additional 329,424 shares during the last quarter. 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.