Claritev (NYSE:CTEV) Shares Gap Down After Insider Selling

Shares of Claritev (NYSE:CTEV) gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $38.12, but opened at $35.02. Claritev shares last traded at $35.50, with a volume of 4,417 shares.

Specifically, SVP Tiffani Misencik sold 8,850 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $40.07, for a total transaction of $354,619.50. Following the transaction, the senior vice president owned 123,723 shares in the company, valued at $4,957,580.61. The trade was a 6.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP William B. Mintz sold 8,431 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $34.24, for a total value of $288,677.44. Following the completion of the transaction, the senior vice president owned 71,195 shares of the company’s stock, valued at approximately $2,437,716.80. This represents a 10.59% decrease in their position. The SEC filing for this sale provides additional information.

Wall Street Analyst Weigh In

CTEV has been the subject of several research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Claritev in a research note on Wednesday, June 24th. Wells Fargo & Company upped their price target on shares of Claritev from $22.00 to $30.00 and gave the company an “equal weight” rating in a report on Wednesday, August 12th. Citigroup reiterated a “buy” rating and set a $45.00 price objective (up from $40.00) on shares of Claritev in a research note on Monday, August 10th. Zacks Research raised shares of Claritev from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Finally, Canaccord Genuity Group upped their price objective on Claritev from $37.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.83.

Claritev Trading Down 0.5%

The firm has a market cap of $600.54 million, a P/E ratio of -2.08 and a beta of 0.74. The business’s 50-day moving average is $30.27 and its two-hundred day moving average is $24.20.

Claritev (NYSE:CTEV) last issued its earnings results on Friday, August 7th. The company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of ($4.10) by $5.51. The company had revenue of $257.48 million during the quarter. On average, analysts anticipate that Claritev will post -15.08 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Arini Captial Management Ltd bought a new stake in shares of Claritev in the 4th quarter worth $64,291,000. Beach Point Capital Management LP boosted its stake 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 buying an additional 329,424 shares in the last quarter. AXQ Capital LP bought a new position in Claritev during the fourth quarter valued at about $223,000. Hussman Strategic Advisors Inc. acquired a new position in Claritev during the fourth quarter worth about $449,000. Finally, Ameritas Investment Partners Inc. acquired a new position in Claritev during the third quarter worth about $42,000. 87.15% of the stock is 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.