Claritev (NYSE:CTEV) Shares Down 7% – Here’s What Happened

Claritev (NYSE:CTEV) shares dropped 7% during trading on Friday . The company traded as low as $31.49 and last traded at $32.29. Approximately 33,351 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 176,208 shares. The stock had previously closed at $34.72.

Analyst Upgrades and Downgrades

CTEV has been the subject of several recent 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. Wall Street Zen lowered shares of Claritev from a “hold” rating to a “sell” rating in a research note on Saturday, April 25th. Wells Fargo & Company cut their price objective on shares of Claritev from $30.00 to $22.00 and set an “equal weight” rating on the stock in a report on Thursday, March 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a research report on Wednesday. Finally, Barclays began coverage on shares of Claritev in a report on Friday, April 24th. They issued an “overweight” rating and a $28.00 target price for the company. Five equities 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 company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $33.67.

Claritev Price Performance

The firm has a market cap of $562.65 million, a price-to-earnings ratio of -1.90 and a beta of 0.77. The stock has a 50-day moving average price of $25.56 and a 200 day moving average price of $25.53.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. H&F Corporate Investors VIII Ltd. purchased a new position in shares of Claritev during the third quarter worth approximately $285,988,000. Oak Hill Advisors LP purchased a new stake in Claritev in the 3rd quarter valued at $4,871,000. Topline Capital Management LLC purchased a new stake in Claritev in the 3rd quarter valued at $10,711,000. Citigroup Inc. purchased a new stake in Claritev in the 3rd quarter valued at $2,025,000. Finally, Arini Captial Management Ltd acquired a new stake in Claritev during the 4th quarter worth $64,291,000. Institutional investors and hedge funds own 87.15% of the company’s stock.

Claritev Company Profile

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.