Insider Buying: Claritev (NYSE:CTEV) Major Shareholder Buys $501,474.38 in Stock

Claritev (NYSE:CTEV) major shareholder Ares Management Llc acquired 20,834 shares of the stock in a transaction that occurred on Monday, October 26th. The stock was purchased at an average cost of $24.07 per share, with a total value of $501,474.38. Following the completion of the acquisition, the insider owned 1,933,939 shares of the company’s stock, valued at $46,549,911.73. The trade was a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Friday, October 23rd, Ares Management Llc acquired 50,000 shares of Claritev stock. The shares were purchased at an average price of $23.53 per share, for a total transaction of $1,176,500.00.

Claritev Trading Up 3.8%

NYSE CTEV traded up $0.81 on Tuesday, hitting $22.35. 318,418 shares of the stock traded hands, compared to its average volume of 166,765. The stock has a 50-day moving average of $29.92 and a 200 day moving average of $25.88. Claritev has a twelve month low of $11.50 and a twelve month high of $73.68. The company has a market capitalization of $378.83 million, a P/E ratio of -1.31 and a beta of 0.93.

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

Hedge Funds Weigh In On Claritev

Several hedge funds and other institutional investors have recently made changes to their positions in CTEV. Engineers Gate Manager LP acquired a new stake in Claritev in the 2nd quarter valued at approximately $245,000. Integrated Wealth Concepts LLC bought a new stake in Claritev during the 2nd quarter valued at $44,000. Public Investment Fund acquired a new position in Claritev during the 2nd quarter worth $43,703,438. FAS Wealth Partners Inc. boosted its position in Claritev by 49.5% during 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 period. Finally, Bank of America Corp DE boosted its position in 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 acquiring an additional 58,133 shares during the period. 87.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CTEV has been the subject of a number of research reports. Citigroup restated a “buy” rating and issued a $45.00 target price (up from $40.00) on shares of Claritev in a research note on Monday, August 10th. Barclays reiterated an “overweight” rating and set a $40.00 price target (up from $28.00) on shares of Claritev in a research report on Thursday, August 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Claritev in a report on Monday, September 21st. Zacks Research upgraded Claritev from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Finally, Piper Sandler restated an “overweight” rating and set a $73.00 price objective on shares of Claritev in a research report on Wednesday, August 12th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.83.

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.