Claritev (NYSE:CTEV) Major Shareholder Ares Management Llc Acquires 20,834 Shares of Stock

Claritev (NYSE:CTEV) major shareholder Ares Management Llc acquired 20,834 shares of Claritev stock in a transaction on Monday, October 26th. The shares were purchased at an average cost of $24.07 per share, with a total value of $501,474.38. Following the completion of the purchase, the insider directly owned 1,933,939 shares of the company’s stock, valued at approximately $46,549,911.73. This represents a 1.09% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% 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 Friday, October 23rd, Ares Management Llc bought 50,000 shares of Claritev stock. The stock was purchased at an average price of $23.53 per share, with a total value of $1,176,500.00.

Claritev Price Performance

Claritev stock opened at $22.35 on Wednesday. The firm’s 50 day simple moving average is $29.67 and its 200-day simple moving average is $25.83. The company has a market cap of $378.77 million, a P/E ratio of -1.31 and a beta of 0.93. Claritev has a fifty-two week low of $11.50 and a fifty-two week high of $73.68.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Citigroup restated 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. Wall Street Zen raised Claritev from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Claritev in a report on Monday, September 21st. Zacks Research raised Claritev from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Finally, Canaccord Genuity Group upped their price target on Claritev from $37.00 to $43.00 and gave the company 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 issued a Sell rating to the company. According to data from MarketBeat, Claritev has a consensus rating of “Moderate Buy” and a consensus price target of $44.83.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CTEV. Public Investment Fund acquired a new position in Claritev in the 2nd quarter valued at approximately $43,703,438. Bank of America Corp DE lifted its position in Claritev by 146.6% in the 1st quarter. Bank of America Corp DE now owns 97,795 shares of the company’s stock worth $1,598,000 after buying an additional 58,133 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Claritev in the 2nd quarter worth approximately $44,000. Engineers Gate Manager LP acquired a new stake in shares of Claritev during the 2nd quarter valued at $245,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Claritev by 2.5% during the 1st quarter. Bank of New York Mellon Corp now owns 18,111 shares of the company’s stock valued at $296,000 after buying an additional 447 shares during the period. 87.15% of the stock is owned by hedge funds and other institutional investors.

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.