Claritev (NYSE:CTEV) Trading Down 8.5% – Should You Sell?

Claritev (NYSE:CTEV) shares fell 8.5% on Friday . The stock traded as low as $39.05 and last traded at $39.11. 179,366 shares were traded during trading, an increase of 22% from the average session volume of 146,529 shares. The stock had previously closed at $42.75.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Citigroup lifted their target price on shares of Claritev from $74.00 to $80.00 and gave the stock 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 given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $80.00.

Claritev Price Performance

The business has a 50-day simple moving average of $48.95 and a 200 day simple moving average of $51.91. The firm has a market cap of $590.45 million, a PE ratio of -1.71 and a beta of 0.51.

Insider Activity

In other news, major shareholder Corporate Investors Viii H&F sold 1,500,000 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $48.67, for a total value of $73,005,000.00. Following the completion of the sale, the insider directly owned 8,932 shares of the company’s stock, valued at $434,720.44. This represents a 99.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Travis Dalton acquired 5,290 shares of the firm’s stock in a transaction dated Thursday, November 20th. The shares were purchased at an average price of $47.23 per share, for a total transaction of $249,846.70. Following the completion of the transaction, the chief executive officer directly owned 9,572 shares in the company, valued at approximately $452,085.56. This trade represents a 123.54% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 17,347 shares of company stock worth $710,938 in the last quarter. 8.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Claritev

Institutional investors have recently bought and sold shares of the business. H&F Corporate Investors VIII Ltd. bought a new stake in Claritev during the 3rd quarter valued at approximately $285,988,000. AustralianSuper Pty Ltd purchased a new stake in Claritev during the 3rd quarter valued at approximately $169,605,000. Public Investment Fund bought a new stake in shares of Claritev during the third quarter valued at approximately $68,009,000. Vanguard Group Inc. bought a new stake in shares of Claritev during the third quarter valued at approximately $27,483,000. Finally, Topline Capital Management LLC purchased a new position in shares of Claritev in the third quarter worth $10,711,000. 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.