Claritev (NYSE:CTEV) Stock Price Down 7% – Time to Sell?

Claritev (NYSE:CTEV) shares were down 7% during mid-day trading on Friday . The stock traded as low as $31.49 and last traded at $32.29. Approximately 33,351 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 176,208 shares. The stock had previously closed at $34.72.

Analyst Upgrades and Downgrades

Several research firms recently commented on CTEV. Wells Fargo & Company cut their target price on shares of Claritev from $30.00 to $22.00 and set an “equal weight” rating for the company in a research note on Thursday, March 19th. Wall Street Zen cut Claritev from a “hold” rating to a “sell” rating in a report on Saturday, April 25th. Piper Sandler set a $61.00 price target on Claritev in a report on Wednesday, June 3rd. Barclays assumed coverage on Claritev in a research note on Friday, April 24th. They set an “overweight” rating and a $28.00 price objective for the company. Finally, Citigroup restated a “buy” rating on shares of Claritev in a report on Wednesday, May 13th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $33.67.

Claritev Stock Down 5.8%

The company has a market capitalization of $557.53 million, a PE ratio of -1.89 and a beta of 0.77. The business’s 50 day simple moving average is $25.28 and its 200 day simple moving average is $25.48.

Institutional Investors Weigh In On Claritev

Several hedge funds have recently made changes to their positions in CTEV. H&F Corporate Investors VIII Ltd. purchased a new stake in shares of Claritev in the 3rd quarter valued at approximately $285,988,000. Arini Captial Management Ltd purchased a new position in Claritev during the 4th quarter worth approximately $64,291,000. Public Investment Fund purchased a new position in Claritev during the 3rd quarter worth approximately $68,009,000. Beach Point Capital Management LP raised its stake in Claritev by 77.4% during the 4th quarter. Beach Point Capital Management LP now owns 755,002 shares of the company’s stock valued at $32,276,000 after purchasing an additional 329,424 shares during the period. Finally, Vanguard Group Inc. acquired a new stake in Claritev during the 3rd quarter valued at $27,483,000. Hedge funds and other institutional investors own 87.15% of the company’s stock.

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.