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

Shares of Claritev (NYSE:CTEV) gapped down before the market opened on Wednesday . The stock had previously closed at $33.16, but opened at $30.83. Claritev shares last traded at $30.97, with a volume of 5,074 shares traded.

Analyst Upgrades and Downgrades

CTEV has been the subject of several research analyst reports. Canaccord Genuity Group started coverage on Claritev in a research note on Friday, May 29th. They set a “buy” rating and a $32.00 target price for the company. Barclays began coverage on shares of Claritev in a research note on Friday, April 24th. They issued an “overweight” rating and a $28.00 price target on the stock. Citigroup reiterated a “buy” rating on shares of Claritev in a research report on Wednesday, May 13th. Piper Sandler set a $61.00 price objective on shares of Claritev in a research note on Wednesday, June 3rd. Finally, Wells Fargo & Company cut their target price on shares of Claritev from $30.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 19th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $33.67.

Claritev Stock Up 2.5%

The firm has a market cap of $552.59 million, a price-to-earnings ratio of -1.87 and a beta of 0.69. The firm has a 50 day moving average of $27.18 and a 200 day moving average of $25.27.

Hedge Funds Weigh In On Claritev

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. purchased a new position in shares of Claritev during the third quarter valued at approximately $1,245,000. Vanguard Group Inc. bought a new position in shares of Claritev in the third quarter valued at approximately $27,483,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Claritev during the third quarter valued at approximately $42,000. Quantbot Technologies LP purchased a new stake in shares of Claritev during the third quarter valued at approximately $385,000. Finally, Russell Investments Group Ltd. bought a new stake in Claritev during the third quarter worth $369,000. 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.