Claritev (NYSE:CTEV) Shares Down 2.2% – Should You Sell?

Shares of Claritev (NYSE:CTEV) were down 2.2% during trading on Tuesday. The company traded as low as $23.63 and last traded at $23.79. 121,421 shares changed hands during trading, a decline of 34% from the average daily volume of 184,940 shares. The stock had previously closed at $24.33.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Claritev from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Canaccord Genuity Group boosted their price objective on shares of Claritev from $37.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Citigroup reissued 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. Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a research note on Monday, September 21st. Finally, Wall Street Zen raised Claritev from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.83.

Claritev Stock Performance

The stock has a market capitalization of $404.36 million, a P/E ratio of -1.40 and a beta of 0.93. The company’s 50-day moving average price is $31.90 and its 200 day moving average price is $27.53.

Claritev (NYSE:CTEV) last issued its earnings results 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 during the quarter. Analysts predict that Claritev will post -15.13 earnings per share for the current year.

Insider Activity at Claritev

In related news, CEO Travis Dalton acquired 1,950 shares of Claritev stock in a transaction dated Friday, August 28th. The shares were purchased at an average price of $38.48 per share, for a total transaction of $75,036.00. Following the completion of the transaction, the chief executive officer directly owned 52,322 shares in the company, valued at approximately $2,013,350.56. This represents a 3.87% increase in their position. The transaction 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 sale, the chief financial officer owned 185,416 shares in the company, valued at approximately $5,671,875.44. The trade was a 4.64% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 valued at $919,372. Corporate insiders own 7.40% of the company’s stock.

Institutional Trading of Claritev

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Arini Captial Management Ltd purchased a new stake in shares of Claritev in the fourth quarter worth about $64,291,000. Public Investment Fund purchased a new position in Claritev during the 2nd quarter valued at approximately $43,703,438. Bank of America Corp DE grew its holdings in Claritev by 146.6% during the 1st quarter. Bank of America Corp DE now owns 97,795 shares of the company’s stock valued at $1,598,000 after buying an additional 58,133 shares in the last quarter. FAS Wealth Partners Inc. increased 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 worth $759,000 after acquiring an additional 15,380 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new stake in Claritev in the 2nd quarter worth approximately $245,000. 87.15% of the stock is currently owned by 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.