Claritev (NYSE:CTEV) Stock Falls 2.2% - Time to Sell?

Key Points

• Claritev shares fell 2.2% to $23.79, with trading volume 34% below the average. The stock remains below its 50-day moving average of $31.94 but above its 200-day average of $27.47.
• Analyst sentiment is generally positive: six analysts rate Claritev a Buy, two rate it Hold, and one rates it Sell. The consensus is a “Moderate Buy” with an average price target of $44.83, well above the current price.
• Claritev reported quarterly EPS of $1.41, beating consensus estimates by $5.51, while revenue totaled $257.48 million. However, insiders sold 26,306 shares worth $919,372 over the past 90 days, and analysts expect a full-year loss of $15.13 per share.

Claritev (NYSE:CTEV - Get Free Report)'s stock price fell 2.2% during trading on Tuesday. The stock traded as low as $23.63 and last traded at $23.79. 121,421 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 184,940 shares. The stock had previously closed at $24.33.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CTEV shares. Piper Sandler reissued an "overweight" rating and set a $73.00 price target on shares of Claritev in a research report on Wednesday, August 12th. Wall Street Zen upgraded shares of Claritev from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Canaccord Genuity Group raised their price objective on Claritev from $37.00 to $43.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Zacks Research raised Claritev from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Finally, Citigroup reiterated a "buy" rating and set a $45.00 target price (up from $40.00) on shares of Claritev in a report on Monday, August 10th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $44.83.

Claritev Stock Down 2.2%

The company has a market capitalization of $403.24 million, a P/E ratio of -1.40 and a beta of 0.93. The business has a fifty day moving average price of $31.94 and a 200 day moving average price of $27.47.

Claritev (NYSE:CTEV - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The company reported $1.41 earnings per share 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, equities analysts forecast that Claritev will post -15.13 earnings per share for the current year.

Insider Transactions at Claritev

In other news, SVP Tiffani Misencik sold 8,850 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $40.07, for a total transaction of $354,619.50. Following the completion of the transaction, the senior vice president directly owned 123,723 shares of the company's stock, valued at $4,957,580.61. This trade represents a 6.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Douglas Garis sold 9,025 shares of Claritev stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $30.59, for a total transaction of $276,074.75. Following the completion of the sale, the chief financial officer owned 185,416 shares in the company, valued at $5,671,875.44. This trade represents a 4.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 26,306 shares of company stock worth $919,372. Insiders own 7.40% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Arini Captial Management Ltd acquired a new stake in shares of Claritev during the 4th quarter worth about $64,291,000. Public Investment Fund bought a new stake in shares of Claritev during the 2nd quarter worth about $43,703,438. Bank of America Corp DE boosted its holdings in shares of Claritev by 146.6% during the 1st quarter. Bank of America Corp DE now owns 97,795 shares of the company's stock worth $1,598,000 after buying an additional 58,133 shares during the period. FAS Wealth Partners Inc. grew its stake in Claritev by 49.5% in the 1st quarter. FAS Wealth Partners Inc. now owns 46,477 shares of the company's stock valued at $759,000 after buying an additional 15,380 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new position in Claritev in the 2nd quarter valued at about $245,000. Institutional investors and hedge funds 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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