Claritev (NYSE:CTEV) Shares Gap Down - Here's Why

Key Points

• Claritev shares fell sharply at the open, dropping from a prior close of $38.12 to $35.02 before last trading at $35.50.
• Despite the decline, analysts maintain a generally positive view: six rate the stock Buy, two Hold, and one Sell, producing a “Moderate Buy” consensus and an average price target of $42.83.
• Claritev reported quarterly earnings of $1.41 per share, exceeding consensus estimates by $5.51, while senior vice president William B. Mintz sold 8,431 shares at an average price of $34.24.

Claritev (NYSE:CTEV - Get Free Report)'s stock price gapped down before the market opened on Tuesday . 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 changing hands.

Wall Street Analysts Forecast Growth

CTEV has been the topic of a number of research reports. Citigroup reaffirmed a "buy" rating and issued a $45.00 price target (up from $40.00) on shares of Claritev in a research note on Monday, August 10th. Barclays assumed coverage on Claritev in a research report on Friday, April 24th. They set an "overweight" rating and a $28.00 price objective for the company. Wall Street Zen upgraded Claritev from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Claritev in a research note on Wednesday, June 24th. Finally, Canaccord Genuity Group upped their target price on Claritev from $37.00 to $43.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $42.83.

Claritev Price Performance

The stock has a market capitalization of $610.37 million, a price-to-earnings ratio of -2.12 and a beta of 0.74. The stock's 50 day simple moving average is $30.01 and its 200-day simple moving average is $24.08.

Claritev (NYSE:CTEV - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of ($4.10) by $5.51. The business had revenue of $257.48 million for the quarter. As a group, equities research analysts anticipate that Claritev will post -15.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Claritev news, SVP William B. Mintz sold 8,431 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $34.24, for a total transaction of $288,677.44. Following the transaction, the senior vice president directly owned 71,195 shares in the company, valued at $2,437,716.80. This trade represents a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 7.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Claritev

A number of large investors have recently added to or reduced their stakes in the stock. Arini Captial Management Ltd acquired a new position in Claritev during the fourth quarter valued at approximately $64,291,000. Public Investment Fund acquired a new stake in shares of Claritev in the second quarter worth $43,703,438,000. Vanguard Group Inc. bought a new stake in shares of Claritev during the 3rd quarter worth $27,483,000. Beach Point Capital Management LP boosted its holdings in shares of Claritev by 77.4% during the 4th quarter. Beach Point Capital Management LP now owns 755,002 shares of the company's stock worth $32,276,000 after buying an additional 329,424 shares during the period. Finally, Nomura Holdings Inc. bought a new stake in shares of Claritev during the 3rd quarter worth $7,817,000. Institutional investors own 87.15% of the company's stock.

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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