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

Claritev (NYSE:CTEV) shares gapped down before the market opened on Thursday . The stock had previously closed at $32.42, but opened at $30.31. Claritev shares last traded at $30.31, with a volume of 1,547 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CTEV. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Claritev in a report on Monday, December 29th. Citigroup lowered their price target on Claritev from $80.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, January 9th. Wells Fargo & Company set a $33.00 price objective on Claritev and gave the company an “equal weight” rating in a research report on Thursday, January 8th. Finally, Guggenheim initiated coverage on Claritev in a research note on Monday, January 12th. They set a “buy” rating and a $43.00 target price for the company. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.33.

Claritev Stock Up 1.8%

The company has a market cap of $505.65 million, a P/E ratio of -1.46 and a beta of 0.51. The stock has a 50 day moving average price of $41.04 and a two-hundred day moving average price of $51.19.

Insider Buying and Selling at Claritev

In other Claritev news, EVP Michael Kim bought 9,600 shares of Claritev stock in a transaction dated Monday, November 17th. The stock was bought at an average price of $38.25 per share, with a total value of $367,200.00. Following the completion of the transaction, the executive vice president owned 105,529 shares in the company, valued at $4,036,484.25. The trade was a 10.01% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Travis Dalton purchased 5,290 shares of the stock in a transaction that occurred on Thursday, November 20th. The shares were acquired at an average cost of $47.23 per share, for a total transaction of $249,846.70. Following the completion of the transaction, the chief executive officer owned 9,572 shares of the company’s stock, valued at $452,085.56. This trade represents a 123.54% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders purchased 17,347 shares of company stock worth $710,938. Insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

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

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.