Claritev (NYSE:CTEV) Shares Gap Up – Here’s What Happened

Claritev (NYSE:CTEV)’s share price gapped up prior to trading on Monday . The stock had previously closed at $45.23, but opened at $47.49. Claritev shares last traded at $47.81, with a volume of 5,458 shares.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Citigroup increased their price objective on shares of Claritev from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a research report on Tuesday, November 18th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Claritev currently has an average rating of “Hold” and an average target price of $80.00.

Claritev Price Performance

The company’s fifty day moving average is $56.25 and its 200 day moving average is $49.78. The stock has a market cap of $807.82 million, a PE ratio of -2.34 and a beta of 0.42. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 310.26.

Insider Activity

In other news, SVP William B. Mintz purchased 916 shares of the stock in a transaction dated Monday, November 17th. The shares were bought at an average cost of $38.00 per share, for a total transaction of $34,808.00. Following the transaction, the senior vice president owned 65,325 shares in the company, valued at $2,482,350. This trade represents a 1.42% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Corporate Investors Viii H&F sold 1,500,000 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $48.67, for a total value of $73,005,000.00. Following the completion of the transaction, the insider directly owned 8,932 shares in the company, valued at $434,720.44. This represents a 99.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders purchased 17,347 shares of company stock worth $710,938. 8.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Claritev

A number of institutional investors have recently bought and sold shares of the stock. Ares Management LLC lifted its stake in Claritev by 108.5% during the first quarter. Ares Management LLC now owns 1,863,105 shares of the company’s stock valued at $43,131,000 after buying an additional 969,367 shares in the last quarter. Rhumbline Advisers acquired a new stake in shares of Claritev during the third quarter valued at approximately $567,000. JPMorgan Chase & Co. purchased a new stake in shares of Claritev in the 3rd quarter valued at approximately $1,245,000. Vanguard Group Inc. acquired a new stake in Claritev during the 3rd quarter valued at $27,483,000. Finally, Citigroup Inc. acquired a new stake in shares of Claritev in the third quarter worth $2,025,000. Hedge funds and other institutional investors own 87.15% of the company’s stock.

About Claritev

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.