Claritev $CTEV Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Claritev stake by 35% in the first quarter, selling 28,000 shares and retaining 51,915 shares valued at approximately $848,000. Institutional investors collectively own 87.15% of the company.
• Claritev shares opened at $38.51, with the stock down 8.8%; shares have traded between $11.50 and $74.07 over the past year.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $42.83. Recent target increases included Piper Sandler at $73, Citigroup at $45, and Canaccord Genuity at $43.

Renaissance Technologies LLC trimmed its position in Claritev (NYSE:CTEV - Free Report) by 35.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,915 shares of the company's stock after selling 28,000 shares during the period. Renaissance Technologies LLC owned 0.31% of Claritev worth $848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arini Captial Management Ltd purchased a new stake in Claritev during the 4th quarter valued at about $64,291,000. Public Investment Fund acquired a new stake in shares of Claritev during the third quarter worth about $68,009,000. Vanguard Group Inc. acquired a new stake in shares of Claritev during the third quarter worth about $27,483,000. Beach Point Capital Management LP boosted its position in Claritev by 77.4% in the fourth quarter. Beach Point Capital Management LP now owns 755,002 shares of the company's stock valued at $32,276,000 after buying an additional 329,424 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in Claritev in the third quarter valued at approximately $7,817,000. Hedge funds and other institutional investors own 87.15% of the company's stock.

Claritev Stock Down 8.8%

Claritev stock opened at $38.51 on Friday. The firm has a market cap of $652.74 million, a price-to-earnings ratio of -2.26 and a beta of 0.74. Claritev has a 52 week low of $11.50 and a 52 week high of $74.07. The business's 50-day moving average price is $29.85 and its 200 day moving average price is $24.05.

Insider Transactions at Claritev

In other Claritev news, SVP William B. 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 7.40% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Piper Sandler reissued an "overweight" rating and set a $73.00 price target on shares of Claritev in a research report on Wednesday. Citigroup reaffirmed a "buy" rating and issued a $45.00 price objective (up from $40.00) on shares of Claritev in a report on Monday, August 10th. Wall Street Zen upgraded shares of Claritev from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Canaccord Genuity Group raised their target price on shares of Claritev from $37.00 to $43.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Finally, Wells Fargo & Company boosted their target price on shares of Claritev from $22.00 to $30.00 and gave the company an "equal weight" rating in a research report on Wednesday. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.83.

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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