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

Claritev (NYSE:CTEV) 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 the stock in a transaction dated Friday, August 28th. The stock was acquired 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 trade represents a 3.87% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analysts Set New Price Targets

CTEV has been the topic of several analyst reports. Citigroup reissued a “buy” rating and set a $45.00 target price (up from $40.00) on shares of Claritev in a research report on Monday, August 10th. Wells Fargo & Company lifted their price objective on shares of Claritev from $22.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 12th. Zacks Research upgraded shares of Claritev from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Canaccord Genuity Group increased their target price on shares of Claritev from $37.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Finally, Wall Street Zen upgraded shares of Claritev from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Six equities research 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.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.83.

Claritev Price Performance

The stock has a market capitalization of $661.56 million, a PE ratio of -2.29 and a beta of 0.74. The firm has a fifty day moving average price of $31.21 and a two-hundred day moving average price of $24.74.

Claritev (NYSE:CTEV) last posted its quarterly earnings data 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 business had revenue of $257.48 million for the quarter. On average, research analysts expect that Claritev will post -15.13 earnings per share for the current fiscal year.

Institutional Trading of Claritev

Several institutional investors and hedge funds have recently made changes to their positions in the business. State of Wyoming purchased a new stake in shares of Claritev during the fourth quarter valued at $25,000. Public Employees Retirement System of Ohio purchased a new position in Claritev in the 1st quarter worth about $38,000. Ameritas Investment Partners Inc. bought a new stake in Claritev during the 3rd quarter valued at about $42,000. Legal & General Group Plc bought a new stake in Claritev during the 3rd quarter valued at about $45,000. Finally, Los Angeles Capital Management LLC purchased a new stake in Claritev in the 4th quarter valued at about $45,000. 87.15% of the stock is currently owned by institutional investors.

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.