Claritev (NYSE:CTEV) Shares Gap Up - Should You Buy?

Key Points

• Claritev shares jumped 10.1% at the open, rising from a prior close of $34.08 to $37.53 before settling near $37.27.
• Analyst sentiment is generally positive: six analysts rate the stock Buy, two Hold, and one Sell, producing a “Moderate Buy” consensus and an average price target of $44.83.
• Claritev significantly exceeded quarterly EPS expectations, reporting $1.41 versus consensus estimates of a $4.10 loss, while two senior vice presidents recently sold shares and institutional investors own 87.15% of the stock.

Claritev (NYSE:CTEV - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $34.08, but opened at $37.53. Claritev shares last traded at $37.27, with a volume of 2,446 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Piper Sandler reissued an "overweight" rating and set a $73.00 price objective on shares of Claritev in a report on Wednesday, August 12th. Wells Fargo & Company upped their target price on Claritev from $22.00 to $30.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Claritev in a research report on Wednesday, June 24th. Canaccord Genuity Group lifted their price target on Claritev from $37.00 to $43.00 and gave the company a "buy" rating in a report on Monday, August 10th. Finally, Citigroup reiterated a "buy" rating and issued a $45.00 price target (up from $40.00) on shares of Claritev in a report 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 company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $44.83.

Claritev Stock Up 1.6%

The firm has a market capitalization of $641.56 million, a PE ratio of -2.23 and a beta of 0.74. The company's 50-day simple moving average is $30.43 and its 200 day simple moving average is $24.31.

Claritev (NYSE:CTEV - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($4.10) by $5.51. The firm had revenue of $257.48 million during the quarter. On average, sell-side analysts forecast that Claritev will post -15.13 earnings per share for the current fiscal year.

Insider Activity at Claritev

In other Claritev news, SVP Tiffani Misencik sold 8,850 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $40.07, for a total value of $354,619.50. Following the completion of the sale, the senior vice president directly owned 123,723 shares in the company, valued at $4,957,580.61. This trade represents a 6.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP William B. Mintz sold 8,431 shares of Claritev stock in a transaction on Monday, August 10th. The stock was sold at an average price of $34.24, for a total transaction of $288,677.44. Following the completion of the transaction, the senior vice president directly owned 71,195 shares in the company, valued at $2,437,716.80. This represents a 10.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 7.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arini Captial Management Ltd purchased a new stake in Claritev in the fourth quarter valued at about $64,291,000. Beach Point Capital Management LP grew its stake in shares of Claritev by 77.4% during the fourth quarter. Beach Point Capital Management LP now owns 755,002 shares of the company's stock worth $32,276,000 after acquiring an additional 329,424 shares during the last quarter. AXQ Capital LP acquired a new position in shares of Claritev during the fourth quarter valued at about $223,000. Hussman Strategic Advisors Inc. acquired a new position in shares of Claritev during the fourth quarter valued at about $449,000. Finally, Public Investment Fund acquired a new position in shares of Claritev during the second quarter valued at about $43,703,438,000. 87.15% of the stock is currently owned by hedge funds and other 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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