Claritev (NYSE:CTEV) Shares Down 5.1% - Time to Sell?

Key Points

• Claritev shares fell 5.1% to about $40.06 in mid-day trading, while trading volume was 72% below the average daily level.
• Analyst sentiment is mixed: Citigroup and Piper Sandler remain bullish, while Weiss Ratings and Zacks Research are bearish. The overall consensus rating is “Hold”, with a $42.83 price target.
• A senior vice president sold 8,431 shares, reducing his ownership by 10.59%; institutional investors nonetheless hold a substantial 87.15% of the company’s stock.

Claritev (NYSE:CTEV - Get Free Report) shares were down 5.1% during mid-day trading on Friday . The company traded as low as $40.03 and last traded at $40.06. 45,814 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 164,425 shares. The stock had previously closed at $42.22.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CTEV shares. Weiss Ratings restated a "sell (d-)" rating on shares of Claritev in a report on Wednesday, June 24th. Zacks Research cut shares of Claritev from a "hold" rating to a "strong sell" rating in a report on Friday, July 17th. Citigroup reissued a "buy" rating and issued a $45.00 price target (up from $40.00) on shares of Claritev in a research report on Monday. Wells Fargo & Company upped their price target on Claritev from $22.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Finally, Piper Sandler reiterated an "overweight" rating and set a $73.00 price objective on shares of Claritev in a research note on Wednesday. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $42.83.

Claritev Stock Performance

The business's fifty day moving average price is $29.60 and its 200-day moving average price is $23.95. The stock has a market cap of $680.12 million, a PE ratio of -2.35 and a beta of 0.74.

Insider Transactions at Claritev

In related news, SVP William B. Mintz sold 8,431 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $34.24, for a total value of $288,677.44. Following the sale, the senior vice president owned 71,195 shares in the company, valued at approximately $2,437,716.80. This trade represents a 10.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 7.40% of the company's stock.

Institutional Investors Weigh In On Claritev

A number of large investors have recently made changes to their positions in CTEV. State of Wyoming bought a new position in Claritev in the 4th quarter worth $25,000. Ameritas Investment Partners Inc. bought a new position in shares of Claritev in the third quarter worth about $42,000. Legal & General Group Plc purchased a new position in shares of Claritev during the 3rd quarter valued at about $45,000. Los Angeles Capital Management LLC purchased a new position in shares of Claritev during the 4th quarter valued at about $45,000. Finally, BNP Paribas Financial Markets bought a new position in shares of Claritev during the 3rd quarter valued at approximately $79,000. 87.15% of the stock is currently owned by institutional investors.

About Claritev

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.

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