Claritev (NYSE:CTEV) Stock Price Up 13.1% – Here’s What Happened

Claritev (NYSE:CTEV)’s stock price rose 13.1% during trading on Monday . The stock traded as high as $30.89 and last traded at $30.55. Approximately 57,610 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 173,296 shares. The stock had previously closed at $27.00.

Analyst Upgrades and Downgrades

CTEV has been the subject of several analyst reports. Wall Street Zen cut shares of Claritev from a “hold” rating to a “sell” rating in a research report on Saturday, April 25th. Citigroup dropped their target price on shares of Claritev from $63.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. UBS Group restated a “buy” rating on shares of Claritev in a research report on Tuesday, February 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a research report on Friday, March 27th. Finally, Guggenheim restated a “buy” rating on shares of Claritev in a research report on Tuesday, February 24th. Four 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 data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $27.25.

Claritev Trading Up 10.3%

The firm’s 50-day moving average price is $18.29 and its 200 day moving average price is $32.60. The company has a market capitalization of $492.86 million, a price-to-earnings ratio of -1.72 and a beta of 0.76.

Insider Buying and Selling

In related news, CEO Travis Dalton acquired 15,380 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was acquired at an average cost of $13.00 per share, for a total transaction of $199,940.00. Following the transaction, the chief executive officer directly owned 24,952 shares in the company, valued at $324,376. This trade represents a 160.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Kim acquired 30,000 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were bought at an average price of $14.30 per share, with a total value of $429,000.00. Following the completion of the transaction, the executive vice president owned 137,973 shares in the company, valued at $1,973,013.90. This represents a 27.78% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have purchased 61,680 shares of company stock valued at $899,437. 7.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Claritev

Institutional investors have recently added to or reduced their stakes in the stock. AustralianSuper Pty Ltd acquired a new position in Claritev during the 3rd quarter worth approximately $169,605,000. H&F Corporate Investors VIII Ltd. acquired a new position in Claritev during the 3rd quarter worth approximately $285,988,000. Oak Hill Advisors LP acquired a new position in Claritev during the 3rd quarter worth approximately $4,871,000. Topline Capital Management LLC acquired a new position in Claritev during the 3rd quarter worth approximately $10,711,000. Finally, Citigroup Inc. bought a new stake in Claritev during the 3rd quarter worth approximately $2,025,000. 87.15% of the stock is currently owned by institutional investors and hedge funds.

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.