Claritev (NYSE:CTEV) Stock: Insider Ares Management Llc Purchases 50,000 Shares

Claritev (NYSE:CTEV) major shareholder Ares Management Llc acquired 50,000 shares of Claritev stock in a transaction that occurred on Monday, November 9th. The shares were purchased at an average cost of $24.42 per share, for a total transaction of $1,221,000.00. Following the purchase, the insider directly owned 1,983,939 shares in the company, valued at $48,447,790.38. The trade was a 2.59% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Tuesday, November 10th, Ares Management Llc acquired 65,579 shares of Claritev stock. The shares were purchased at an average price of $26.14 per share, with a total value of $1,714,235.06.
• On Monday, October 26th, Ares Management Llc bought 20,834 shares of Claritev stock. The stock was purchased at an average cost of $24.07 per share, with a total value of $501,474.38.
• On Friday, October 23rd, Ares Management Llc bought 50,000 shares of Claritev stock. The stock was purchased at an average cost of $23.53 per share, with a total value of $1,176,500.00.

Claritev Stock Performance

CTEV opened at $26.89 on Friday. The firm’s fifty day moving average is $26.18 and its two-hundred day moving average is $25.46. The firm has a market cap of $455.79 million, a PE ratio of -1.64 and a beta of 1.05. Claritev has a twelve month low of $11.50 and a twelve month high of $55.50.

Claritev (NYSE:CTEV) last announced its quarterly earnings results on Monday, November 9th. The company reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates of ($3.68) by $5.45. The firm had revenue of $268.31 million for the quarter. Equities analysts forecast that Claritev will post -15.02 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on CTEV. Wall Street Zen raised Claritev from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Zacks Research raised Claritev from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Citigroup restated a “buy” rating and issued a $45.00 price target (up from $40.00) on shares of Claritev in a report on Monday, August 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Claritev in a research report on Monday, September 21st. Finally, Canaccord Genuity Group raised their price target on Claritev from $37.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $44.83.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP raised its holdings in shares of Claritev by 1,569.2% during the third quarter. Marshall Wace LLP now owns 225,890 shares of the company’s stock worth $4,782,000 after acquiring an additional 212,357 shares during the period. Engineers Gate Manager LP bought a new stake in Claritev in the 2nd quarter valued at $245,000. Integrated Wealth Concepts LLC bought a new stake in Claritev in the 2nd quarter valued at $44,000. Public Investment Fund acquired a new position in Claritev in the 2nd quarter worth $43,703,438. Finally, FAS Wealth Partners Inc. boosted its stake in Claritev by 49.5% in the 1st quarter. FAS Wealth Partners Inc. now owns 46,477 shares of the company’s stock worth $759,000 after purchasing an additional 15,380 shares during the period. Institutional investors and hedge funds own 87.15% of the company’s stock.

Claritev Company Profile

Claritev, formerly known as MultiPlan, provides technology-enabled services intended to help manage healthcare costs and support payment accuracy. Its offerings include access to provider networks, claims and payment solutions, and data analytics for evaluating healthcare costs and utilization. The company serves health plans, self-insured employers, third-party administrators and other participants in the U.S. healthcare system. Its services are designed to help customers identify cost-management opportunities and support more efficient healthcare transactions.