Claritev (NYSE:CTEV) Stock: Insider Ares Management Llc Buys 50,000 Shares

Claritev (NYSE:CTEV) major shareholder Ares Management Llc purchased 50,000 shares of the stock in a transaction dated Friday, October 23rd. The shares were purchased at an average cost of $23.53 per share, for a total transaction of $1,176,500.00. Following the transaction, the insider owned 1,913,105 shares in the company, valued at approximately $45,015,360.65. The trade was a 2.68% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own 10% or more 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 Monday, October 26th, Ares Management Llc acquired 20,834 shares of Claritev stock. The stock was purchased at an average cost of $24.07 per share, with a total value of $501,474.38.

Claritev Trading Up 3.8%

Claritev stock traded up $0.81 during midday trading on Tuesday, hitting $22.35. 318,418 shares of the stock were exchanged, compared to its average volume of 166,765. Claritev has a fifty-two week low of $11.50 and a fifty-two week high of $73.68. The stock has a market capitalization of $378.83 million, a price-to-earnings ratio of -1.31 and a beta of 0.93. The stock’s 50-day simple moving average is $29.92 and its 200 day simple moving average is $25.88.

Claritev (NYSE:CTEV) last issued its earnings results on Friday, August 7th. The company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of ($4.10) by $5.51. The firm had revenue of $257.48 million for the quarter. Equities analysts anticipate that Claritev will post -15.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CTEV. Integrated Wealth Concepts LLC purchased a new position in Claritev during the second quarter worth about $44,000. State of Wyoming raised its stake in shares of Claritev by 239.2% in the 1st quarter. State of Wyoming now owns 2,018 shares of the company’s stock valued at $33,000 after acquiring an additional 1,423 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Claritev in the 1st quarter valued at approximately $38,000. Engineers Gate Manager LP acquired a new position in shares of Claritev in the 2nd quarter worth approximately $245,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Claritev by 2.5% in the 1st quarter. Bank of New York Mellon Corp now owns 18,111 shares of the company’s stock worth $296,000 after acquiring an additional 447 shares during the last quarter. Hedge funds and other institutional investors own 87.15% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on CTEV shares. Wall Street Zen raised shares of Claritev from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Piper Sandler reiterated an “overweight” rating and issued a $73.00 price objective on shares of Claritev in a report on Wednesday, August 12th. Barclays reiterated an “overweight” rating and issued a $40.00 price objective (up from $28.00) on shares of Claritev in a research report on Thursday, August 20th. Wells Fargo & Company raised their target price on Claritev from $22.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 12th. Finally, Zacks Research upgraded Claritev from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.83.

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.