Key Points
- Ares Management bought 65,579 Claritev shares for about $1.71 million at an average price of $26.14, increasing its stake by 3.31% to roughly 2.05 million shares. It had also made several other stock purchases recently.
- Claritev reported quarterly EPS of $1.77, beating the consensus estimate of a $3.68 loss; revenue was $268.31 million.
- Analysts have a “Moderate Buy” consensus rating and an average price target of $44.83, though ratings range from Buy to Sell.
Claritev (NYSE:CTEV - Get Free Report) major shareholder Ares Management Llc bought 65,579 shares of the stock in a transaction on Tuesday, November 10th. The shares were acquired at an average cost of $26.14 per share, for a total transaction of $1,714,235.06. Following the purchase, the insider owned 2,049,518 shares in the company, valued at $53,574,400.52. The trade was a 3.31% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.
Ares Management Llc also recently made the following trade(s):
- On Monday, November 9th, Ares Management Llc bought 50,000 shares of Claritev stock. The shares were acquired at an average cost of $24.42 per share, with a total value of $1,221,000.00.
- On Monday, October 26th, Ares Management Llc bought 20,834 shares of Claritev stock. The stock was acquired at an average price of $24.07 per share, with a total value of $501,474.38.
- On Friday, October 23rd, Ares Management Llc bought 50,000 shares of Claritev stock. The stock was acquired at an average price of $23.53 per share, with a total value of $1,176,500.00.
Claritev Trading Down 3.9%
NYSE:CTEV opened at $27.11 on Friday. The company's 50-day moving average price is $26.42 and its 200-day moving average price is $25.46. The company has a market cap of $459.51 million, a P/E ratio of -1.65 and a beta of 1.05. Claritev has a twelve month low of $11.50 and a twelve month high of $55.50.
Claritev (NYSE:CTEV - Get Free Report) last posted its quarterly earnings results on Monday, November 9th. The company reported $1.77 earnings per share for the quarter, topping analysts' consensus estimates of ($3.68) by $5.45. The business had revenue of $268.31 million for the quarter. On average, analysts expect that Claritev will post -15.02 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on the company. Wall Street Zen upgraded Claritev from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Zacks Research upgraded Claritev from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 13th. Barclays reaffirmed an "overweight" rating and issued a $40.00 price target (up from $28.00) on shares of Claritev in a report on Thursday, August 20th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Claritev in a research report on Monday, September 21st. Finally, Canaccord Genuity Group lifted their price objective on Claritev from $37.00 to $43.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Six investment 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. According to MarketBeat.com, Claritev has a consensus rating of "Moderate Buy" and an average price target of $44.83.
Get Our Latest Report on CTEV
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of CTEV. Public Investment Fund purchased a new stake in shares of Claritev in the second quarter valued at about $43,703,438. RBF Capital LLC increased its position in Claritev by 0.8% during the first quarter. RBF Capital LLC now owns 135,314 shares of the company's stock worth $2,211,000 after purchasing an additional 1,127 shares during the last quarter. Bank of America Corp DE raised its stake in Claritev by 146.6% during the first 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 during the period. FAS Wealth Partners Inc. raised its stake in Claritev by 49.5% during the first 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 during the period. Finally, Bank of New York Mellon Corp raised its stake in Claritev by 2.5% during the first quarter. Bank of New York Mellon Corp now owns 18,111 shares of the company's stock worth $296,000 after purchasing an additional 447 shares during the period. Institutional investors and hedge funds own 87.15% of the company's stock.
About Claritev
(
Get Free Report)
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.
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