Oak Hill Advisors LP Invests $4.87 Million in Claritev $CTEV

Key Points

• Oak Hill Advisors purchased 91,773 Claritev shares in Q3 valued at about $4.87 million, making CTEV roughly 1.0% of its portfolio and its 10th-largest holding.
• Insiders bought stock on Feb 27 — CEO Travis Dalton acquired 15,380 shares at $13.00 (a 160.68% increase in his stake) and EVP Michael Kim bought 30,000 shares at $14.30 (a 27.78% increase), leaving insiders with about 8.0% ownership.
• Analyst consensus "Hold" with an average target of $29.67, though ratings are mixed (Citigroup cut its target from $63 to $21 while several firms maintain "buy"); CTEV has a market cap of roughly $278.5M and a one-year trading range of $12.04–$74.07.

Oak Hill Advisors LP purchased a new stake in Claritev (NYSE:CTEV - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 91,773 shares of the company's stock, valued at approximately $4,871,000. Claritev comprises approximately 1.0% of Oak Hill Advisors LP's portfolio, making the stock its 10th largest holding. Oak Hill Advisors LP owned 0.56% of Claritev as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CTEV. Ameritas Investment Partners Inc. acquired a new position in Claritev in the 3rd quarter worth about $42,000. Legal & General Group Plc acquired a new stake in shares of Claritev during the third quarter valued at about $45,000. BNP Paribas Financial Markets acquired a new stake in shares of Claritev during the third quarter valued at about $79,000. Russell Investments Group Ltd. bought a new stake in shares of Claritev during the third quarter worth about $369,000. Finally, Quantbot Technologies LP bought a new stake in shares of Claritev during the third quarter worth about $385,000. Institutional investors and hedge funds own 87.15% of the company's stock.

Insider Buying and Selling

In other news, CEO Travis Dalton bought 15,380 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was acquired at an average price of $13.00 per share, with a total value of $199,940.00. Following the completion of the purchase, the chief executive officer directly owned 24,952 shares of the company's stock, valued at approximately $324,376. This represents a 160.68% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Michael Kim bought 30,000 shares of the company's stock in a transaction that occurred on Friday, February 27th. The stock was purchased at an average price of $14.30 per share, for a total transaction of $429,000.00. Following the acquisition, the executive vice president owned 137,973 shares of the company's stock, valued at $1,973,013.90. This trade represents a 27.78% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 8.00% of the stock is currently owned by insiders.

Claritev Price Performance

Shares of CTEV stock opened at $16.87 on Friday. The business's 50 day simple moving average is $23.93 and its 200 day simple moving average is $43.33. Claritev has a one year low of $12.04 and a one year high of $74.07. The stock has a market capitalization of $278.52 million, a PE ratio of -0.98 and a beta of 0.60.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Citigroup dropped their price objective on shares of Claritev from $63.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, February 25th. Guggenheim restated a "buy" rating on shares of Claritev in a research report on Tuesday, February 24th. UBS Group reaffirmed a "buy" rating on shares of Claritev in a research note on Tuesday, February 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Claritev in a report on Monday, December 29th. Finally, Wells Fargo & Company set a $30.00 price objective on shares of Claritev and gave the stock an "equal weight" rating in a research note on Tuesday, February 24th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $29.67.

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.