Claritev (NYSE:CTEV) Stock: Insider Ares Management Llc Buys 50,000 Shares

Key Points

• Ares Management bought 50,000 Claritev shares at an average of $24.42 each, a $1.22 million purchase. Afterward, it directly owned nearly 1.984 million shares.
• Claritev reported quarterly EPS of $1.77, beating analysts’ consensus estimate of a $3.68 loss; revenue was $268.31 million.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $44.83. Shares traded at $27.11 in the article’s report.

Claritev (NYSE:CTEV - Get Free Report) major shareholder Ares Management Llc bought 50,000 shares of the business's stock in a transaction on Monday, November 9th. The shares were acquired at an average price of $24.42 per share, with a total value of $1,221,000.00. Following the completion of the purchase, the insider directly owned 1,983,939 shares of the company's stock, valued at approximately $48,447,790.38. The trade was a 2.59% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Tuesday, November 10th, Ares Management Llc bought 65,579 shares of Claritev stock. The stock was acquired at an average cost of $26.14 per share, for a total transaction of $1,714,235.06.
• On Monday, October 26th, Ares Management Llc purchased 20,834 shares of Claritev stock. The stock was acquired at an average price of $24.07 per share, for a total transaction of $501,474.38.
• On Friday, October 23rd, Ares Management Llc purchased 50,000 shares of Claritev stock. The shares were acquired at an average cost of $23.53 per share, with a total value of $1,176,500.00.

Claritev Price Performance

Shares of CTEV stock traded down $1.10 on Thursday, hitting $27.11. 240,356 shares of the company's stock were exchanged, compared to its average volume of 176,164. Claritev has a 12 month low of $11.50 and a 12 month high of $55.50. The stock has a market cap of $459.43 million, a P/E ratio of -1.65 and a beta of 1.05. The company has a 50 day moving average of $26.68 and a 200 day moving average of $25.47.

Claritev (NYSE:CTEV - Get Free Report) last released its earnings results on Monday, November 9th. The company reported $1.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($3.68) by $5.45. The business had revenue of $268.31 million during the quarter. Sell-side analysts predict that Claritev will post -15.13 EPS for the current fiscal year.

Analysts Set New Price Targets

CTEV has been the subject of a number of research analyst reports. Citigroup reiterated a "buy" rating and set a $45.00 price objective (up from $40.00) on shares of Claritev in a research report on Monday, August 10th. Wells Fargo & Company raised 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, August 12th. Piper Sandler reaffirmed an "overweight" rating and set a $73.00 target price on shares of Claritev in a research note on Wednesday, August 12th. 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 report on Monday, August 10th. Finally, Wall Street Zen upgraded Claritev from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $44.83.

Institutional Investors Weigh In On Claritev

Several hedge funds have recently added to or reduced their stakes in the business. Public Investment Fund acquired a new stake in Claritev during the 2nd quarter worth approximately $43,703,438. RBF Capital LLC increased its position in Claritev by 0.8% in the 1st quarter. RBF Capital LLC now owns 135,314 shares of the company's stock valued at $2,211,000 after acquiring an additional 1,127 shares during the period. Bank of America Corp DE increased its position in 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 acquiring an additional 58,133 shares during the period. FAS Wealth Partners Inc. raised its stake in shares of Claritev by 49.5% during the first quarter. FAS Wealth Partners Inc. now owns 46,477 shares of the company's stock valued at $759,000 after acquiring an additional 15,380 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Claritev by 2.5% during the first quarter. Bank of New York Mellon Corp now owns 18,111 shares of the company's stock valued at $296,000 after acquiring an additional 447 shares during the last quarter. 87.15% of the stock is currently owned by institutional investors and hedge funds.

Claritev Company Profile

Claritev, formerly known as MultiPlan, provides technology-enabled services intended to help manage healthcare costs and support payment accuracy. Its offerings include access to provider networks, claims and payment solutions, and data analytics for evaluating healthcare costs and utilization. The company serves health plans, self-insured employers, third-party administrators and other participants in the U.S. healthcare system. Its services are designed to help customers identify cost-management opportunities and support more efficient healthcare transactions.

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.