Claritev (NYSE:CTEV) Shares Down 5.9% - Should You Sell?

Key Points

• Claritev shares fell 5.9% to $34.56 in Friday trading, on volume 48% below the average, while its market capitalization stood at approximately $599 million.
• Analyst sentiment remains favorable: six analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $44.83, implying potential upside from its trading price.
• The company reported quarterly EPS of $1.41, far exceeding the consensus estimate of a $4.10 loss, but two senior vice presidents recently sold shares; insiders own 7.4% of the company, while institutions hold 87.15%.

Claritev (NYSE:CTEV - Get Free Report) was down 5.9% during trading on Friday . The company traded as low as $33.87 and last traded at $34.56. 82,212 shares were traded during trading, a decline of 48% from the average daily volume of 159,277 shares. The stock had previously closed at $36.74.

Analyst Ratings Changes

CTEV has been the subject of several recent research reports. Citigroup reissued a "buy" rating and issued a $45.00 price target (up from $40.00) on shares of Claritev in a research note on Monday, August 10th. Piper Sandler reaffirmed an "overweight" rating and set a $73.00 price objective on shares of Claritev in a research note on Wednesday, August 12th. Canaccord Genuity Group lifted their price objective on Claritev from $37.00 to $43.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Wall Street Zen raised Claritev from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Barclays restated an "overweight" rating and set a $40.00 target price (up from $28.00) on shares of Claritev in a report on Thursday, August 20th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $44.83.

Claritev Trading Down 3.8%

The company has a market cap of $599.18 million, a PE ratio of -2.08 and a beta of 0.88. The stock has a 50 day moving average price of $32.30 and a 200 day moving average price of $25.75.

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, topping analysts' consensus estimates of ($4.10) by $5.51. The business had revenue of $257.48 million during the quarter. Equities analysts expect that Claritev will post -15.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP William B. Mintz sold 8,431 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $34.24, for a total transaction of $288,677.44. Following the sale, the senior vice president owned 71,195 shares in the company, valued at $2,437,716.80. This represents a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Tiffani Misencik sold 8,850 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $40.07, for a total value of $354,619.50. Following the sale, the senior vice president owned 123,723 shares in the company, valued at approximately $4,957,580.61. This represents a 6.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 7.40% of the company's stock.

Institutional Trading of Claritev

A number of institutional investors have recently made changes to their positions in CTEV. State of Wyoming purchased a new position in shares of Claritev in the 4th quarter worth $25,000. Public Employees Retirement System of Ohio bought a new stake in Claritev during the first quarter valued at approximately $38,000. Ameritas Investment Partners Inc. purchased a new stake in Claritev during the third quarter valued at approximately $42,000. Integrated Wealth Concepts LLC purchased a new stake in Claritev during the second quarter valued at approximately $44,000. Finally, Legal & General Group Plc bought a new position in Claritev in the third quarter worth approximately $45,000. Hedge funds and other institutional investors own 87.15% of the company's stock.

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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