Claritev (NYSE:CTEV) Stock Breaks Above Two Hundred Day Moving Average – Should You Sell?

Claritev (NYSE:CTEV) shares crossed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $25.47 and traded as high as $29.06. Claritev shares last traded at $27.39, with a volume of 933,110 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wells Fargo & Company lifted their target price on shares of Claritev from $22.00 to $30.00 and gave the company an “equal weight” rating in a report on Wednesday, August 12th. Barclays reiterated an “overweight” rating and set a $40.00 price target (up from $28.00) on shares of Claritev in a research note on Thursday, August 20th. Canaccord Genuity Group raised their price objective on shares of Claritev from $37.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Piper Sandler restated an “overweight” rating and issued a $73.00 price objective on shares of Claritev in a research note on Wednesday, August 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a research note on Monday, September 21st. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $44.83.

Claritev Trading Down 3.9%

The firm has a 50 day simple moving average of $26.68 and a two-hundred day simple moving average of $25.47. The company has a market capitalization of $459.43 million, a PE ratio of -1.65 and a beta of 1.05.

Claritev (NYSE:CTEV) last released its earnings results on Monday, November 9th. The company reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.68) by $5.45. The company had revenue of $268.31 million during the quarter. Research analysts expect that Claritev will post -15.13 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Douglas Garis sold 9,025 shares of the business’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $30.59, for a total transaction of $276,074.75. Following the transaction, the chief financial officer directly owned 185,416 shares in the company, valued at $5,671,875.44. The trade was a 4.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Travis Dalton purchased 1,950 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were purchased at an average price of $38.48 per share, for a total transaction of $75,036.00. Following the completion of the purchase, the chief executive officer 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. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 192,863 shares of company stock worth $4,862,890 and sold 23,687 shares worth $769,078. Corporate insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On Claritev

A number of institutional investors have recently added to or reduced their stakes in the business. Public Investment Fund purchased a new position in shares of Claritev during the 2nd quarter worth approximately $43,703,438. RBF Capital LLC lifted its holdings in shares of Claritev by 0.8% in the 1st quarter. RBF Capital LLC now owns 135,314 shares of the company’s stock valued at $2,211,000 after buying an additional 1,127 shares during the period. Bank of America Corp DE lifted its holdings 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 valued at $1,598,000 after buying an additional 58,133 shares during the period. FAS Wealth Partners Inc. boosted its stake in shares of Claritev by 49.5% in the first quarter. FAS Wealth Partners Inc. now owns 46,477 shares of the company’s stock valued at $759,000 after buying an additional 15,380 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Claritev by 2.5% in the first 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. Hedge funds and other institutional investors own 87.15% of the company’s stock.

About Claritev

Claritev, formerly known as MultiPlan, provides technology-enabled services intended to help manage healthcare costs and support payment accuracy. Its offerings include access to provider networks, claims and payment solutions, and data analytics for evaluating healthcare costs and utilization. The company serves health plans, self-insured employers, third-party administrators and other participants in the U.S. healthcare system. Its services are designed to help customers identify cost-management opportunities and support more efficient healthcare transactions.