Claritev (NYSE:CTEV) Trading Down 8.7% on Insider Selling

Claritev (NYSE:CTEV)’s share price dropped 8.7% during trading on Monday following insider selling activity. The company traded as low as $39.30 and last traded at $39.50. Approximately 62,478 shares traded hands during trading, a decline of 52% from the average daily volume of 131,140 shares. The stock had previously closed at $43.26.

Specifically, major shareholder Corporate Investors Viii H&F sold 1,500,000 shares of the business’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $48.67, for a total transaction of $73,005,000.00. Following the transaction, the insider owned 8,932 shares of the company’s stock, valued at approximately $434,720.44. The trade was a 99.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CTEV. Citigroup lifted their price target on Claritev from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a research report on Wednesday. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $80.00.

Claritev Price Performance

The stock’s 50 day simple moving average is $58.64 and its 200-day simple moving average is $49.00. The company has a debt-to-equity ratio of 310.26, a current ratio of 1.21 and a quick ratio of 1.21. The company has a market capitalization of $656.90 million, a PE ratio of -1.90 and a beta of 0.42.

Institutional Investors Weigh In On Claritev

Several large investors have recently modified their holdings of the stock. Centiva Capital LP purchased a new stake in shares of Claritev during the 3rd quarter worth $363,000. Bank of America Corp DE acquired a new position in shares of Claritev in the third quarter worth $3,556,000. Bridgeway Capital Management LLC acquired a new position in Claritev in the 3rd quarter valued at about $1,026,000. Topline Capital Management LLC acquired a new stake in shares of Claritev during the 3rd quarter worth about $10,711,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Claritev during the third quarter worth about $1,646,000. Hedge funds and other institutional investors own 87.15% of the company’s stock.

Claritev Company Profile

MultiPlan Corporation, together with its subsidiaries, provides data analytics and technology-enabled cost management, payment, and revenue integrity solutions to the healthcare industry in the United States. The company offers analytics-based services that reduce medical costs, through data-driven algorithms and insights that detect claims over-charges and negotiate or recommend reimbursement; and network-based services that provide contracted discounts with healthcare providers, as well as outsourced network development and management services.