Claritev (NYSE:CTEV) Trading 5.9% Higher – Should You Buy?

Claritev (NYSE:CTEV)’s share price rose 5.9% on Wednesday . The company traded as high as $36.04 and last traded at $36.01. Approximately 75,330 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 139,062 shares. The stock had previously closed at $34.00.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CTEV. Weiss Ratings reiterated a “sell (d-)” rating on shares of Claritev in a report on Monday. Citigroup increased their target price on shares of Claritev from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 10th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $80.00.

Claritev Trading Down 3.3%

The stock has a market cap of $622.52 million, a PE ratio of -1.80 and a beta of 0.52. The company has a debt-to-equity ratio of 310.26, a quick ratio of 1.21 and a current ratio of 1.21. The company’s 50-day moving average price is $53.37 and its 200 day moving average price is $51.20.

Insiders Place Their Bets

In related news, SVP William B. Mintz purchased 916 shares of the company’s stock in a transaction on Monday, November 17th. The stock was acquired at an average cost of $38.00 per share, for a total transaction of $34,808.00. Following the completion of the transaction, the senior vice president directly owned 65,325 shares in the company, valued at approximately $2,482,350. The trade was a 1.42% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Michael Kim purchased 9,600 shares of Claritev stock in a transaction dated Monday, November 17th. The stock was bought at an average cost of $38.25 per share, for a total transaction of $367,200.00. Following the completion of the purchase, the executive vice president directly owned 105,529 shares in the company, valued at approximately $4,036,484.25. This trade represents a 10.01% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 17,347 shares of company stock valued at $710,938 over the last 90 days. Company insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Claritev

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. purchased a new stake in Claritev during the 3rd quarter worth approximately $42,000. Legal & General Group Plc acquired a new position in Claritev during the 3rd quarter worth $45,000. BNP Paribas Financial Markets acquired a new position in Claritev during the 3rd quarter worth $79,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Claritev during the 3rd quarter worth about $187,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Claritev in the 3rd quarter valued at about $322,000. 87.15% of the stock is currently 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.