Claritev (NYSE:CTEV) Stock: Insider Ares Management Llc Purchases 65,579 Shares

Claritev (NYSE:CTEV) major shareholder Ares Management Llc acquired 65,579 shares of the stock in a transaction on Tuesday, November 10th. The stock was bought at an average cost of $26.14 per share, for a total transaction of $1,714,235.06. Following the transaction, the insider owned 2,049,518 shares of the company’s stock, valued at approximately $53,574,400.52. This trade represents a 3.31% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, November 9th, Ares Management Llc bought 50,000 shares of Claritev stock. The shares were bought at an average cost of $24.42 per share, with a total value of $1,221,000.00.
• On Monday, October 26th, Ares Management Llc bought 20,834 shares of Claritev stock. The shares were bought at an average cost of $24.07 per share, with a total value of $501,474.38.
• On Friday, October 23rd, Ares Management Llc purchased 50,000 shares of Claritev stock. The shares were bought at an average price of $23.53 per share, with a total value of $1,176,500.00.

Claritev Stock Down 0.0%

Shares of CTEV stock opened at $26.89 on Friday. The firm has a market cap of $455.79 million, a P/E ratio of -1.64 and a beta of 1.05. The company has a 50 day moving average of $26.18 and a 200-day moving average of $25.46. Claritev has a 12-month low of $11.50 and a 12-month high of $55.50.

Claritev (NYSE:CTEV) last announced its quarterly earnings data on Monday, November 9th. The company reported $1.77 earnings per share for the quarter, beating the consensus estimate of ($3.68) by $5.45. The firm had revenue of $268.31 million for the quarter. As a group, equities analysts expect that Claritev will post -15.02 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Barclays reiterated an “overweight” rating and set a $40.00 price target (up from $28.00) on shares of Claritev in a research note on Thursday, August 20th. Zacks Research upgraded Claritev from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Wells Fargo & Company upped their price objective on shares of Claritev from $22.00 to $30.00 and gave the company an “equal weight” rating in a report on Wednesday, August 12th. Piper Sandler reiterated an “overweight” rating and set a $73.00 target price on shares of Claritev in a research report on Wednesday, August 12th. Finally, Citigroup reiterated a “buy” rating and set a $45.00 target price (up from $40.00) on shares of Claritev 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 given a Sell rating to the stock. According to MarketBeat, Claritev currently has an average rating of “Moderate Buy” and a consensus price target of $44.83.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CTEV. Public Investment Fund purchased a new stake in shares of Claritev during the second quarter worth $43,703,438. Marshall Wace LLP boosted its holdings in shares of Claritev by 1,569.2% in 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. RBF Capital LLC boosted its holdings in shares of Claritev by 0.8% in the first quarter. RBF Capital LLC now owns 135,314 shares of the company’s stock worth $2,211,000 after acquiring an additional 1,127 shares during the period. Bank of America Corp DE grew its position in shares of Claritev by 146.6% in the first quarter. Bank of America Corp DE now owns 97,795 shares of the company’s stock valued at $1,598,000 after purchasing an additional 58,133 shares in the last quarter. Finally, FAS Wealth Partners Inc. grew its position in shares of Claritev by 49.5% in the first quarter. FAS Wealth Partners Inc. now owns 46,477 shares of the company’s stock valued at $759,000 after purchasing an additional 15,380 shares in the last quarter. 87.15% of the stock is currently owned by hedge funds and other institutional investors.

About Claritev

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.