Insider Buying: Claritev (NYSE:CTEV) Major Shareholder Purchases $1,221,000.00 in Stock

Claritev (NYSE:CTEV) major shareholder Ares Management Llc bought 50,000 shares of the business’s stock in a transaction on Monday, November 9th. The shares were bought at an average cost of $24.42 per share, for a total transaction of $1,221,000.00. Following the completion of the acquisition, the insider directly owned 1,983,939 shares in the company, valued at approximately $48,447,790.38. This trade represents a 2.59% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Tuesday, November 10th, Ares Management Llc acquired 65,579 shares of Claritev stock. The stock was bought at an average cost of $26.14 per share, for a total transaction of $1,714,235.06.
• On Monday, October 26th, Ares Management Llc acquired 20,834 shares of Claritev stock. The stock was bought at an average cost of $24.07 per share, for a total transaction of $501,474.38.
• On Friday, October 23rd, Ares Management Llc bought 50,000 shares of Claritev stock. The stock was bought at an average price of $23.53 per share, for a total transaction of $1,176,500.00.

Claritev Trading Down 3.9%

NYSE:CTEV traded down $1.10 on Thursday, reaching $27.11. 240,356 shares of the stock traded hands, compared to its average volume of 176,164. Claritev has a 1-year low of $11.50 and a 1-year high of $55.50. The company’s 50 day moving average is $26.68 and its 200-day moving average is $25.47. The firm has a market capitalization of $459.43 million, a price-to-earnings ratio of -1.65 and a beta of 1.05.

Claritev (NYSE:CTEV) last issued its quarterly earnings results on Monday, November 9th. The company reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.68) by $5.45. The firm had revenue of $268.31 million during the quarter. On average, equities research analysts forecast that Claritev will post -15.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CTEV shares. Canaccord Genuity Group boosted their target price on shares of Claritev from $37.00 to $43.00 and gave the company a “buy” rating in a report on Monday, August 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Claritev in a research report on Monday, September 21st. Zacks Research raised Claritev from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Piper Sandler reissued an “overweight” rating and issued a $73.00 price objective on shares of Claritev in a research note on Wednesday, August 12th. Finally, Barclays restated an “overweight” rating and set a $40.00 target price (up from $28.00) on shares of Claritev in a research report on Thursday, August 20th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $44.83.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CTEV. Engineers Gate Manager LP bought a new stake in Claritev in the second quarter valued at $245,000. Integrated Wealth Concepts LLC acquired a new position in shares of Claritev during the second quarter valued at about $44,000. Public Investment Fund bought a new position in shares of Claritev during the 2nd quarter worth about $43,703,438. FAS Wealth Partners Inc. boosted its position in shares of Claritev by 49.5% during the 1st quarter. FAS Wealth Partners Inc. now owns 46,477 shares of the company’s stock worth $759,000 after purchasing an additional 15,380 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Claritev by 146.6% during the 1st quarter. Bank of America Corp DE now owns 97,795 shares of the company’s stock worth $1,598,000 after purchasing an additional 58,133 shares in the last quarter. 87.15% of the stock is owned by institutional investors.

Claritev Company Profile

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.