Claritev (NYSE:CTEV) Stock Has Average Target Price of $44.83 According to Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Claritev, with six buys, two holds, and one sell among nine analysts. The average 12-month price target is $44.83, although targets range from $30 to $73.
• Claritev shares opened at $23.86, down 0.3%, well below the $44.83 consensus target. The stock has traded between $11.50 and $73.68 over the past year and has a market capitalization of approximately $404 million.
• Institutional investors own 87.15% of the company, while insiders sold 26,306 shares worth $919,372 over the past 90 days. Claritev’s latest quarterly results included $1.41 in earnings per share and $257.48 million in revenue.

Claritev (NYSE:CTEV - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the nine analysts that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $44.83.

CTEV has been the subject of several analyst reports. Canaccord Genuity Group raised their price objective on Claritev from $37.00 to $43.00 and gave the company a "buy" rating in a report on Monday, August 10th. Piper Sandler reaffirmed an "overweight" rating and issued a $73.00 target price on shares of Claritev in a research 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. Citigroup reiterated a "buy" rating and set a $45.00 target price (up from $40.00) on shares of Claritev in a report on Monday, August 10th. Finally, Barclays reissued an "overweight" rating and set a $40.00 price target (up from $28.00) on shares of Claritev in a research report on Thursday, August 20th.

Insider Buying and Selling

In other news, CFO Douglas Garis sold 9,025 shares of the company's stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $30.59, for a total transaction of $276,074.75. Following the sale, the chief financial officer owned 185,416 shares in the company, valued at $5,671,875.44. This represents a 4.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William 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 sale, the senior vice president owned 71,195 shares in the company, valued at approximately $2,437,716.80. This represents a 10.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 26,306 shares of company stock worth $919,372 over the last 90 days. Company insiders own 7.40% of the company's stock.

Institutional Trading of Claritev

Several institutional investors and hedge funds have recently added to or reduced their stakes in CTEV. Arini Captial Management Ltd bought a new position in shares of Claritev in the 4th quarter valued at about $64,291,000. Public Investment Fund acquired a new position in shares of Claritev during the 2nd quarter worth about $43,703,438. Bank of America Corp DE raised its holdings in shares of Claritev by 146.6% in the 1st quarter. Bank of America Corp DE now owns 97,795 shares of the company's stock valued at $1,598,000 after purchasing an additional 58,133 shares during the period. FAS Wealth Partners Inc. raised its holdings in shares of Claritev by 49.5% in the 1st quarter. FAS Wealth Partners Inc. now owns 46,477 shares of the company's stock valued at $759,000 after purchasing an additional 15,380 shares during the period. Finally, Engineers Gate Manager LP bought a new stake in shares of Claritev in the 2nd quarter valued at about $245,000. 87.15% of the stock is owned by institutional investors.

Claritev Trading Down 0.3%

Shares of CTEV opened at $23.86 on Friday. Claritev has a 12 month low of $11.50 and a 12 month high of $73.68. The firm has a fifty day simple moving average of $31.85 and a 200 day simple moving average of $27.59. The stock has a market capitalization of $404.43 million, a price-to-earnings ratio of -1.40 and a beta of 0.93.

Claritev (NYSE:CTEV - Get Free Report) last released its 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 during the quarter. As a group, research analysts predict that Claritev will post -15.13 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.