Claritev (NYSE:CTEV) Stock Price Up 8% – Here’s What Happened

Claritev (NYSE:CTEV)’s stock price shot up 8% during mid-day trading on Thursday . The company traded as high as $41.78 and last traded at $41.51. 132,747 shares were traded during mid-day trading, a decline of 5% from the average session volume of 140,200 shares. The stock had previously closed at $38.43.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CTEV shares. Citigroup increased their price target on Claritev from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a research note on Monday. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Claritev has an average rating of “Hold” and an average target price of $80.00.

Claritev Trading Down 0.1%

The firm has a market capitalization of $678.72 million, a price-to-earnings ratio of -1.96 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 has a 50-day moving average price of $51.67 and a 200-day moving average price of $51.64.

Insider Activity at Claritev

In related news, SVP William B. Mintz acquired 916 shares of Claritev stock in a transaction dated Monday, November 17th. The stock was acquired at an average price of $38.00 per share, for a total transaction of $34,808.00. Following the transaction, the senior vice president owned 65,325 shares of the company’s stock, valued at $2,482,350. This represents a 1.42% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Travis Dalton bought 5,290 shares of the stock in a transaction dated Thursday, November 20th. The stock was bought at an average price of $47.23 per share, with a total value of $249,846.70. Following the acquisition, the chief executive officer owned 9,572 shares in the company, valued at approximately $452,085.56. This represents a 123.54% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 17,347 shares of company stock worth $710,938 in the last ninety days. Company insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Claritev

Several hedge funds have recently made changes to their positions in the company. H&F Corporate Investors VIII Ltd. purchased a new stake in shares of Claritev during the third quarter worth approximately $285,988,000. AustralianSuper Pty Ltd purchased a new position in Claritev in the 3rd quarter valued at $169,605,000. Public Investment Fund acquired a new position in Claritev in the 3rd quarter valued at $68,009,000. Ares Management LLC increased 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 valued at $43,131,000 after buying an additional 969,367 shares during the period. Finally, Vanguard Group Inc. purchased a new position in Claritev during the 3rd quarter worth $27,483,000. Hedge funds and other institutional investors own 87.15% of the company’s stock.

About Claritev

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.