Claritev (NYSE:CTEV) Major Shareholder Acquires 50,000 Shares of Company Stock

Claritev (NYSE:CTEV) major shareholder Ares Management Llc purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, October 23rd. The stock was bought at an average cost of $23.53 per share, for a total transaction of $1,176,500.00. Following the purchase, the insider directly owned 1,913,105 shares in the company, valued at $45,015,360.65. This trade represents a 2.68% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions 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 shares were bought at an average price of $24.07 per share, with a total value of $501,474.38.

Claritev Trading Up 3.8%

NYSE:CTEV traded up $0.81 during trading hours on Tuesday, reaching $22.35. 318,418 shares of the company were exchanged, compared to its average volume of 166,765. The firm has a market cap of $378.83 million, a PE ratio of -1.31 and a beta of 0.93. Claritev has a twelve month low of $11.50 and a twelve month high of $73.68. The stock’s 50-day moving average is $29.92 and its 200-day moving average is $25.88.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CTEV shares. Piper Sandler reiterated an “overweight” rating and set a $73.00 price objective on shares of Claritev in a research note on Wednesday, August 12th. Barclays restated an “overweight” rating and issued a $40.00 target price (up from $28.00) on shares of Claritev in a research report on Thursday, August 20th. Zacks Research raised Claritev from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Wells Fargo & Company lifted their price target 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, Wall Street Zen upgraded Claritev from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Claritev has an average rating of “Moderate Buy” and an average target price of $44.83.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CTEV. Integrated Wealth Concepts LLC acquired a new stake in shares of Claritev in the second quarter valued at approximately $44,000. State of Wyoming boosted its stake in Claritev by 239.2% during the first quarter. State of Wyoming now owns 2,018 shares of the company’s stock worth $33,000 after buying an additional 1,423 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Claritev during the first quarter worth $38,000. Engineers Gate Manager LP acquired a new position in Claritev during the second quarter worth $245,000. Finally, Bank of New York Mellon Corp grew its holdings in Claritev by 2.5% in the 1st quarter. Bank of New York Mellon Corp now owns 18,111 shares of the company’s stock valued at $296,000 after buying an additional 447 shares in the last quarter. 87.15% of the stock is currently owned by institutional investors and hedge funds.

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.