Claritev (NYSE:CTEV) Trading 41.9% Higher After Strong Earnings

Claritev (NYSE:CTEV)’s share price rose 41.9% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $38.99 and last traded at $38.08. 47,731 shares were traded during trading, a decline of 71% from the average daily volume of 163,256 shares. The stock had previously closed at $26.84.

The company reported ($3.49) earnings per share for the quarter, beating analysts’ consensus estimates of ($4.10) by $0.61. The business had revenue of $257.48 million during the quarter.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Wall Street Zen downgraded Claritev from a “hold” rating to a “sell” rating in a research note on Saturday, April 25th. Zacks Research lowered shares of Claritev from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Barclays initiated coverage on shares of Claritev in a research note on Friday, April 24th. They set an “overweight” rating and a $28.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Claritev in a report on Wednesday, June 24th. Finally, Canaccord Genuity Group raised their price objective on shares of Claritev from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $34.50.

Hedge Funds Weigh In On Claritev

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. purchased a new stake in Claritev during the third quarter worth $1,245,000. Vanguard Group Inc. purchased a new position in shares of Claritev in the third quarter valued at $27,483,000. Ameritas Investment Partners Inc. acquired a new position in shares of Claritev during the 3rd quarter worth $42,000. Russell Investments Group Ltd. acquired a new position in shares of Claritev during the 3rd quarter worth $369,000. Finally, Legal & General Group Plc purchased a new stake in shares of Claritev in the 3rd quarter worth about $45,000. 87.15% of the stock is owned by hedge funds and other institutional investors.

Claritev Stock Performance

The firm has a market capitalization of $578.17 million, a PE ratio of -1.96 and a beta of 0.74. The firm’s 50-day moving average is $28.75 and its 200 day moving average is $23.74.

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.