Claritev (NYSE:CTEV) Stock Price Down 6% – What’s Next?

Claritev (NYSE:CTEV)’s share price dropped 6% on Monday . The company traded as low as $30.68 and last traded at $30.68. 2,928 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 176,536 shares. The stock had previously closed at $32.64.

Analyst Ratings Changes

Several research analysts have issued reports on CTEV shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Claritev in a report on Wednesday, June 24th. Citigroup reiterated a “buy” rating on shares of Claritev in a report on Wednesday, May 13th. Wall Street Zen lowered Claritev from a “hold” rating to a “sell” rating in a research report on Saturday, April 25th. Wells Fargo & Company dropped their price objective on Claritev from $30.00 to $22.00 and set an “equal weight” rating for the company in a report on Thursday, March 19th. Finally, Piper Sandler set a $61.00 target price on shares of Claritev in a research report on Wednesday, June 3rd. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Claritev presently has an average rating of “Moderate Buy” and a consensus price target of $33.67.

Claritev Trading Down 4.0%

The company has a market cap of $543.04 million, a price-to-earnings ratio of -1.84 and a beta of 0.69. The stock has a 50 day moving average price of $27.18 and a two-hundred day moving average price of $25.27.

Hedge Funds Weigh In On Claritev

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTEV. Arini Captial Management Ltd bought a new stake in shares of Claritev in the 4th quarter valued at about $64,291,000. Public Investment Fund acquired a new position in Claritev during the third quarter valued at approximately $68,009,000. Beach Point Capital Management LP grew its holdings in Claritev by 77.4% during the fourth 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. Vanguard Group Inc. bought a new stake in Claritev in the third quarter valued at approximately $27,483,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Claritev by 17.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 262,318 shares of the company’s stock valued at $11,214,000 after purchasing an additional 39,845 shares in the last quarter. 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.