Claritev (NYSE:CTEV) Trading 4% Higher – What’s Next?

Claritev (NYSE:CTEV)’s share price rose 4% during mid-day trading on Thursday . The company traded as high as $37.77 and last traded at $37.74. Approximately 9,545 shares changed hands during trading, a decline of 94% from the average daily volume of 159,569 shares. The stock had previously closed at $36.29.

Wall Street Analyst Weigh In

CTEV has been the topic of several research reports. Barclays reissued an “overweight” rating and issued a $40.00 price target (up from $28.00) on shares of Claritev in a research note on Thursday, August 20th. Zacks Research raised shares of Claritev from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Wall Street Zen upgraded shares of Claritev from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Citigroup reissued a “buy” rating and issued a $45.00 target price (up from $40.00) on shares of Claritev in a research note on Monday, August 10th. Finally, Piper Sandler restated an “overweight” rating and set a $73.00 target price on shares of Claritev in a report on Wednesday, August 12th. Six 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.83.

Claritev Trading Up 2.6%

The company has a market capitalization of $631.39 million, a PE ratio of -2.19 and a beta of 0.88. The company has a fifty day simple moving average of $32.22 and a 200-day simple moving average of $25.65.

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

Insiders Place Their Bets

In other Claritev news, SVP William 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 transaction, 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 document filed with the SEC, which is available through the SEC website. Also, CEO Travis Dalton purchased 4,500 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was purchased at an average cost of $38.81 per share, with a total value of $174,645.00. Following the purchase, the chief executive officer owned 50,372 shares in the company, valued at approximately $1,954,937.32. This trade represents a 9.81% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 7.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CTEV. Engineers Gate Manager LP acquired a new stake in Claritev during the second quarter worth $245,000. Integrated Wealth Concepts LLC acquired a new position in shares of Claritev in the 2nd quarter valued at $44,000. California State Teachers Retirement System lifted its stake in shares of Claritev by 798.0% in the 2nd quarter. California State Teachers Retirement System now owns 4,400 shares of the company’s stock valued at $150,000 after purchasing an additional 3,910 shares during the last quarter. Public Investment Fund purchased a new position in shares of Claritev during the 2nd quarter worth $43,703,438. Finally, FAS Wealth Partners Inc. grew its holdings in shares of Claritev by 49.5% during 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. 87.15% of the stock is currently owned by institutional investors and hedge funds.

Claritev Company Profile

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.