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

Claritev (NYSE:CTEV) dropped 5.9% on Friday . The stock 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 daily volume of 159,277 shares. The stock had previously closed at $36.74.

Wall Street Analyst Weigh In

CTEV has been the subject of a number of analyst reports. Piper Sandler restated an “overweight” rating and issued a $73.00 price target on shares of Claritev in a research report on Wednesday, August 12th. Barclays reaffirmed an “overweight” rating and set a $40.00 price objective (up from $28.00) on shares of Claritev in a research report on Thursday, August 20th. Citigroup reissued 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. Zacks Research upgraded shares of Claritev from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Finally, Wells Fargo & Company raised their target price on shares of Claritev from $22.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 12th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.83.

Claritev Price Performance

The firm has a 50-day moving average of $32.30 and a 200-day moving average of $25.75. The stock has a market cap of $599.18 million, a PE ratio of -2.08 and a beta of 0.88.

Claritev (NYSE:CTEV) last posted its quarterly earnings results on Friday, August 7th. The company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of ($4.10) by $5.51. The business had revenue of $257.48 million during the quarter. Equities analysts forecast that Claritev will post -15.13 EPS for the current fiscal year.

Insider Transactions at Claritev

In other news, SVP Tiffani Misencik sold 8,850 shares of the business’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 owned 123,723 shares of the company’s stock, valued at approximately $4,957,580.61. The trade was a 6.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Travis Dalton bought 4,500 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The shares were bought at an average cost of $38.81 per share, with a total value of $174,645.00. Following the completion of the purchase, the chief executive officer directly owned 50,372 shares of the company’s stock, valued at $1,954,937.32. This represents a 9.81% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. purchased a new stake in shares of Claritev in the third quarter worth about $1,245,000. Vanguard Group Inc. purchased a new position in Claritev during the 3rd quarter valued at approximately $27,483,000. Ameritas Investment Partners Inc. purchased a new position in Claritev during the 3rd quarter valued at approximately $42,000. Russell Investments Group Ltd. bought a new stake in Claritev in the 3rd quarter worth approximately $369,000. Finally, Legal & General Group Plc purchased a new stake in shares of Claritev during the 3rd quarter worth approximately $45,000. 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.