Claritev (NYSE:CTEV) Major Shareholder Ares Management Llc Acquires 20,834 Shares of Company Stock

Claritev (NYSE:CTEV) major shareholder Ares Management Llc bought 20,834 shares of the stock in a transaction dated Monday, October 26th. The stock was bought at an average price of $24.07 per share, with a total value of $501,474.38. Following the purchase, the insider owned 1,933,939 shares of the company’s stock, valued at approximately $46,549,911.73. This represents a 1.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

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

Claritev Price Performance

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

Claritev (NYSE:CTEV) last released its quarterly earnings results on Friday, August 7th. The company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of ($4.10) by $5.51. The company had revenue of $257.48 million during the quarter. On average, analysts expect that Claritev will post -15.13 EPS for the current fiscal year.

Analysts Set New Price Targets

CTEV has been the topic of a number of recent research reports. Wells Fargo & Company boosted their target price on shares of Claritev from $22.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 12th. Citigroup reaffirmed a “buy” rating and set a $45.00 price target (up from $40.00) on shares of Claritev in a report on Monday, August 10th. Zacks Research raised shares of Claritev from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Wall Street Zen raised shares of Claritev from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Canaccord Genuity Group boosted their price objective on shares of Claritev from $37.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $44.83.

Institutional Trading of Claritev

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Public Investment Fund acquired a new stake in Claritev in the second quarter valued at $43,703,438. Bank of America Corp DE increased its position in shares of Claritev by 146.6% in the 1st quarter. Bank of America Corp DE now owns 97,795 shares of the company’s stock worth $1,598,000 after purchasing an additional 58,133 shares during the last quarter. FAS Wealth Partners Inc. increased its position in shares of 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 purchasing an additional 15,380 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Claritev in the 2nd quarter worth about $245,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Claritev in the 1st quarter valued at about $38,000. Institutional investors 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.