Claritev (NYSE:CTEV) Shares Down 4.4% – Here’s What Happened

Claritev (NYSE:CTEV) was down 4.4% on Thursday . The company traded as low as $61.93 and last traded at $62.14. Approximately 131,941 shares changed hands during trading, an increase of 25% from the average daily volume of 105,205 shares. The stock had previously closed at $65.00.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Claritev in a research note on Thursday. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $12.50.

Claritev Price Performance

The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 310.26. The firm has a fifty day simple moving average of $60.29 and a two-hundred day simple moving average of $47.57.

Institutional Investors Weigh In On Claritev

A number of large investors have recently made changes to their positions in CTEV. Ares Management LLC raised its stake in Claritev by 108.5% in the 1st quarter. Ares Management LLC now owns 1,863,105 shares of the company’s stock worth $43,131,000 after acquiring an additional 969,367 shares during the last quarter. Vanguard Group Inc. purchased a new stake in Claritev during the 3rd quarter valued at about $27,483,000. JPMorgan Chase & Co. acquired a new position in shares of Claritev in the third quarter valued at about $1,245,000. Finally, Rhumbline Advisers purchased a new position in shares of Claritev in the third quarter worth about $567,000. 87.15% of the stock is owned by hedge funds and other institutional investors.

Claritev Company Profile

MultiPlan Corporation, together with its subsidiaries, provides data analytics and technology-enabled cost management, payment, and revenue integrity solutions to the healthcare industry in the United States. The company offers analytics-based services that reduce medical costs, through data-driven algorithms and insights that detect claims over-charges and negotiate or recommend reimbursement; and network-based services that provide contracted discounts with healthcare providers, as well as outsourced network development and management services.