Claritev (NYSE:CTEV) Shares Gap Up on Insider Buying Activity

Key Points

• Claritev shares gapped higher after CEO Travis Dalton purchased 1,950 shares for approximately $75,036, increasing his ownership by 3.87%. The stock opened at $41.05, up from its prior close of $39.39.
• Analyst sentiment is generally positive: six analysts rate the stock a Buy, two rate it Hold and one rates it Sell, resulting in a consensus “Moderate Buy” rating and a $44.83 price target.
• Claritev reported quarterly EPS of $1.41, exceeding the consensus estimate of a $4.10 loss, on revenue of $257.48 million. Institutional investors own approximately 87.15% of the company’s shares.

Claritev (NYSE:CTEV - Get Free Report)'s share price gapped up before the market opened on Monday after an insider bought additional shares in the company. The stock had previously closed at $39.39, but opened at $41.05. Claritev shares last traded at $39.03, with a volume of 19,301 shares traded.

Specifically, CEO Travis Dalton acquired 1,950 shares of Claritev stock in a transaction that occurred on Friday, August 28th. The stock was bought at an average cost of $38.48 per share, for a total transaction of $75,036.00. Following the acquisition, the chief executive officer owned 52,322 shares of the company's stock, valued at $2,013,350.56. This represents a 3.87% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several equities analysts have issued reports on CTEV shares. Wall Street Zen upgraded shares of Claritev from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Barclays reissued an "overweight" rating and issued a $40.00 price objective (up from $28.00) on shares of Claritev in a report on Thursday, August 20th. Piper Sandler reiterated an "overweight" rating and set a $73.00 target price on shares of Claritev in a research report on Wednesday, August 12th. Zacks Research raised shares of Claritev from a "strong sell" rating to a "hold" rating in a report on Thursday, August 13th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Claritev in a research note on Wednesday, June 24th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $44.83.

Claritev Price Performance

The business has a 50-day moving average of $31.21 and a 200 day moving average of $24.74. The company has a market capitalization of $661.56 million, a PE ratio of -2.29 and a beta of 0.74.

Claritev (NYSE:CTEV - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of ($4.10) by $5.51. The firm had revenue of $257.48 million for the quarter. As a group, research analysts anticipate that Claritev will post -15.13 EPS for the current year.

Institutional Investors Weigh In On Claritev

Large investors have recently bought and sold shares of the business. State of Wyoming bought a new position in Claritev during the fourth quarter valued at $25,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Claritev during the 1st quarter valued at about $38,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Claritev during the 3rd quarter valued at about $42,000. Legal & General Group Plc bought a new position in shares of Claritev in the 3rd quarter valued at about $45,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Claritev in the 4th quarter valued at about $45,000. 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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