Claritev (NYSE:CTEV) Major Shareholder Purchases $1,714,235.06 in Stock

Claritev (NYSE:CTEV) major shareholder Ares Management Llc bought 65,579 shares of the company’s stock in a transaction dated Tuesday, November 10th. The stock was purchased at an average cost of $26.14 per share, for a total transaction of $1,714,235.06. Following the completion of the acquisition, the insider owned 2,049,518 shares in the company, valued at $53,574,400.52. This trade represents a 3.31% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Monday, November 9th, Ares Management Llc bought 50,000 shares of Claritev stock. The stock was purchased at an average price of $24.42 per share, with a total value of $1,221,000.00.
• On Monday, October 26th, Ares Management Llc purchased 20,834 shares of Claritev stock. The shares were acquired at an average price of $24.07 per share, with a total value of $501,474.38.
• On Friday, October 23rd, Ares Management Llc purchased 50,000 shares of Claritev stock. The shares were acquired at an average cost of $23.53 per share, for a total transaction of $1,176,500.00.

Claritev Price Performance

NYSE CTEV traded down $1.10 during trading on Thursday, reaching $27.11. 240,356 shares of the company’s stock were exchanged, compared to its average volume of 176,164. The business has a 50 day moving average price of $26.68 and a 200-day moving average price of $25.47. The stock has a market capitalization of $459.43 million, a P/E ratio of -1.65 and a beta of 1.05. Claritev has a fifty-two week low of $11.50 and a fifty-two week high of $55.50.

Claritev (NYSE:CTEV) last released its quarterly earnings data on Monday, November 9th. The company reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.68) by $5.45. The business had revenue of $268.31 million during the quarter. On average, analysts forecast that Claritev will post -15.13 earnings per share for the current year.

Institutional Investors Weigh In On Claritev

Institutional investors have recently made changes to their positions in the company. Engineers Gate Manager LP bought a new position in shares of Claritev during the second quarter worth approximately $245,000. Integrated Wealth Concepts LLC bought a new stake in Claritev in the 2nd quarter valued at $44,000. Public Investment Fund bought a new stake in Claritev in the 2nd quarter valued at $43,703,438. FAS Wealth Partners Inc. boosted its stake in Claritev by 49.5% in the 1st quarter. FAS Wealth Partners Inc. now owns 46,477 shares of the company’s stock valued at $759,000 after purchasing an additional 15,380 shares during the period. Finally, Bank of America Corp DE grew its holdings in Claritev by 146.6% in the 1st quarter. Bank of America Corp DE now owns 97,795 shares of the company’s stock valued at $1,598,000 after buying an additional 58,133 shares in the last quarter. Institutional investors own 87.15% of the company’s stock.

Wall Street Analyst Weigh In

CTEV has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a research note on Monday, September 21st. Wells Fargo & Company lifted their price objective on shares of Claritev from $22.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 12th. Canaccord Genuity Group upped their price objective on shares of Claritev from $37.00 to $43.00 and gave the company a “buy” rating in a report on Monday, August 10th. Piper Sandler reissued an “overweight” rating and issued a $73.00 price objective on shares of Claritev in a research report on Wednesday, August 12th. Finally, Barclays restated an “overweight” rating and set a $40.00 target price (up from $28.00) on shares of Claritev in a research note on Thursday, August 20th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Claritev has an average rating of “Moderate Buy” and an average price target of $44.83.

Claritev Company Profile

Claritev, formerly known as MultiPlan, provides technology-enabled services intended to help manage healthcare costs and support payment accuracy. Its offerings include access to provider networks, claims and payment solutions, and data analytics for evaluating healthcare costs and utilization. The company serves health plans, self-insured employers, third-party administrators and other participants in the U.S. healthcare system. Its services are designed to help customers identify cost-management opportunities and support more efficient healthcare transactions.