Claritev (NYSE:CTEV) Shares Gap Down – What’s Next?

Claritev (NYSE:CTEV) shares gapped down prior to trading on Wednesday . The stock had previously closed at $33.16, but opened at $30.83. Claritev shares last traded at $30.97, with a volume of 5,074 shares traded.

Wall Street Analyst Weigh In

CTEV has been the topic of several recent analyst reports. Canaccord Genuity Group initiated coverage on Claritev in a research note on Friday, May 29th. They issued a “buy” rating and a $32.00 price target on the stock. Wells Fargo & Company cut their price objective on Claritev from $30.00 to $22.00 and set an “equal weight” rating for the company in a report on Thursday, March 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a research note on Wednesday, June 24th. Citigroup reaffirmed a “buy” rating on shares of Claritev in a report on Wednesday, May 13th. Finally, Wall Street Zen cut shares of Claritev from a “hold” rating to a “sell” rating in a research note on Saturday, April 25th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $33.67.

Claritev Stock Performance

The company’s 50-day moving average is $27.52 and its 200-day moving average is $25.15. The firm has a market cap of $555.49 million, a price-to-earnings ratio of -1.88 and a beta of 0.69.

Institutional Trading of Claritev

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. acquired a new position in Claritev during the 3rd quarter worth $1,245,000. Vanguard Group Inc. acquired a new stake in shares of Claritev in the 3rd quarter valued at $27,483,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Claritev in the 3rd quarter valued at $42,000. Russell Investments Group Ltd. bought a new stake in shares of Claritev during the third quarter worth $369,000. Finally, Legal & General Group Plc bought a new stake in shares of Claritev during the third quarter worth $45,000. Institutional investors and hedge funds own 87.15% of the company’s stock.

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.