Claritev (NYSE:CTEV) Stock Price Down 5.1% – Time to Sell?

Claritev (NYSE:CTEV) shares traded down 5.1% on Friday . The company traded as low as $40.03 and last traded at $40.06. 45,814 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 164,425 shares. The stock had previously closed at $42.22.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Barclays assumed coverage on shares of Claritev in a report on Friday, April 24th. They issued an “overweight” rating and a $28.00 target price for the company. Zacks Research downgraded Claritev from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Claritev in a research note on Wednesday, June 24th. Wells Fargo & Company increased their target price on Claritev from $22.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Canaccord Genuity Group lifted their target price on Claritev from $37.00 to $43.00 and gave the company a “buy” rating in a research note on Monday. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Claritev currently has an average rating of “Hold” and a consensus target price of $42.83.

Claritev Trading Down 5.5%

The stock has a market capitalization of $680.12 million, a P/E ratio of -2.35 and a beta of 0.74. The business has a 50-day moving average price of $29.60 and a 200 day moving average price of $23.95.

Insider Activity at Claritev

In other news, SVP William B. Mintz sold 8,431 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $34.24, for a total value of $288,677.44. Following the sale, the senior vice president directly owned 71,195 shares in the company, valued at $2,437,716.80. The trade was a 10.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 7.40% of the stock is owned by insiders.

Institutional Trading of Claritev

Several hedge funds and other institutional investors have recently bought and sold shares of CTEV. Arini Captial Management Ltd bought a new stake in Claritev in the fourth quarter worth $64,291,000. Public Investment Fund purchased a new position in shares of Claritev during the 3rd quarter worth about $68,009,000. Vanguard Group Inc. purchased a new position in shares of Claritev during the 3rd quarter worth about $27,483,000. Beach Point Capital Management LP grew its holdings in Claritev by 77.4% during the 4th quarter. Beach Point Capital Management LP now owns 755,002 shares of the company’s stock valued at $32,276,000 after purchasing an additional 329,424 shares during the last quarter. Finally, Nomura Holdings Inc. bought a new stake in Claritev in the third quarter worth about $7,817,000. 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.