Claritev (NYSE:CTEV) Issues Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Claritev reported a quarterly loss of $3.64 per share, beating analyst estimates of a $3.68 loss by $0.04.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $44.83; six rate the stock Buy, two Hold, and one Sell.
• Insiders bought 77,284 shares and sold 23,687 shares over the past 90 days, for net insider buying; major shareholder Ares Management also added 20,834 shares.

Claritev (NYSE:CTEV - Get Free Report) released its quarterly earnings data on Monday. The company reported ($3.64) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($3.68) by $0.04, Zacks reports.

Claritev Price Performance

Shares of NYSE:CTEV opened at $22.75 on Monday. Claritev has a 12 month low of $11.50 and a 12 month high of $73.68. The stock's 50 day moving average price is $27.44 and its 200 day moving average price is $25.51. The stock has a market cap of $385.54 million, a price-to-earnings ratio of -1.34 and a beta of 1.05.

Analyst Ratings Changes

A number of research firms have issued reports on CTEV. Piper Sandler reiterated an "overweight" rating and issued a $73.00 target price on shares of Claritev in a research note on Wednesday, August 12th. Zacks Research upgraded shares of Claritev from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 13th. Canaccord Genuity Group upped their price target on shares of Claritev from $37.00 to $43.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Barclays reiterated an "overweight" rating and issued a $40.00 price objective (up from $28.00) on shares of Claritev in a research report on Thursday, August 20th. Finally, Citigroup reissued a "buy" rating and set a $45.00 target price (up from $40.00) on shares of Claritev in a research note on Monday, August 10th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $44.83.

Insider Buying and Selling at Claritev

In other news, SVP Tiffani Misencik sold 5,812 shares of the firm's stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $23.81, for a total transaction of $138,383.72. Following the completion of the sale, the senior vice president directly owned 107,917 shares of the company's stock, valued at $2,569,503.77. This trade represents a 5.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Ares Management Llc purchased 20,834 shares of the firm's stock in a transaction that occurred on Monday, October 26th. The stock was bought at an average price of $24.07 per share, with a total value of $501,474.38. Following the transaction, the insider directly owned 1,933,939 shares in the company, valued at $46,549,911.73. This trade represents a 1.09% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders purchased 77,284 shares of company stock valued at $1,927,655 and sold 23,687 shares valued at $769,078. 7.40% of the stock is owned by insiders.

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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