Claritev (NYSE:CTEV) Trading Up 4% - Time to Buy?

Key Points

• Claritev shares rose 4% to about $37.74, although trading volume was 94% below the average session volume.
• Analyst sentiment is broadly positive: six analysts rate the stock Buy, two Hold and one Sell, producing a consensus “Moderate Buy” rating and an average price target of $44.83.
• The company exceeded quarterly EPS expectations by $5.51, reporting $1.41 per share on $257.48 million in revenue. Institutional ownership stands at 87.15%, while recent insider activity included a CEO purchase and an executive stock sale.

Claritev (NYSE:CTEV - Get Free Report)'s share price traded up 4% during trading on Thursday . The stock traded as high as $37.77 and last traded at $37.74. 9,545 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 159,569 shares. The stock had previously closed at $36.29.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CTEV shares. Wall Street Zen raised shares of Claritev from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Wells Fargo & Company increased their price target on shares of Claritev from $22.00 to $30.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 12th. Barclays reissued an "overweight" rating and set a $40.00 price target (up from $28.00) on shares of Claritev in a report on Thursday, August 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Claritev in a report on Wednesday, June 24th. Finally, Citigroup reiterated a "buy" rating and issued a $45.00 price objective (up from $40.00) on shares of Claritev in a research report on Monday, August 10th. Six equities research 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $44.83.

Claritev Stock Up 2.6%

The firm has a market capitalization of $631.39 million, a PE ratio of -2.19 and a beta of 0.88. The stock has a 50-day moving average price of $32.22 and a 200 day moving average price of $25.65.

Claritev (NYSE:CTEV - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($4.10) by $5.51. The company had revenue of $257.48 million during the quarter. As a group, equities analysts predict that Claritev will post -15.13 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP William Mintz sold 8,431 shares of Claritev stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $34.24, for a total value 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 trade represents a 10.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Travis Dalton bought 1,950 shares of the business's stock in a transaction dated Friday, August 28th. The shares were bought at an average cost of $38.48 per share, with a total value of $75,036.00. Following the purchase, the chief executive officer directly owned 52,322 shares of the company's stock, valued at approximately $2,013,350.56. This represents a 3.87% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 7.40% of the company's stock.

Institutional Investors Weigh In On Claritev

Several large investors have recently bought and sold shares of CTEV. JPMorgan Chase & Co. acquired a new position in shares of Claritev during the third quarter valued at approximately $1,245,000. Vanguard Group Inc. purchased a new stake in shares of Claritev during the third quarter worth approximately $27,483,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Claritev during the third quarter worth approximately $42,000. Russell Investments Group Ltd. acquired a new position in Claritev in the 3rd quarter valued at $369,000. Finally, Legal & General Group Plc acquired a new position in Claritev in the 3rd quarter valued at $45,000. 87.15% of the stock is currently owned by hedge funds and other institutional investors.

Claritev Company Profile

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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