Barclays Upgrades Claritev (NYSE:CTEV) to “Strong-Buy”

Claritev (NYSE:CTEV) was upgraded by Barclays to a “strong-buy” rating in a report released on Friday,Zacks.com reports.

CTEV has been the topic of a number of other reports. UBS Group reiterated a “buy” rating on shares of Claritev in a research note on Tuesday, February 24th. Guggenheim reiterated a “buy” rating on shares of Claritev in a research note on Tuesday, February 24th. Wells Fargo & Company dropped their price target on shares of Claritev from $30.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 19th. Wall Street Zen lowered shares of Claritev from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Citigroup dropped their price target on shares of Claritev from $63.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $27.25.

Claritev Stock Up 17.4%

Shares of Claritev stock opened at $23.84 on Friday. Claritev has a 52-week low of $12.04 and a 52-week high of $74.07. The company’s 50-day simple moving average is $17.92 and its 200-day simple moving average is $34.28. The firm has a market cap of $394.55 million, a price-to-earnings ratio of -1.38 and a beta of 0.53.

Insider Activity

In related news, CEO Travis Dalton bought 15,380 shares of the stock in a transaction on Friday, February 27th. The shares were bought at an average cost of $13.00 per share, for a total transaction of $199,940.00. Following the completion of the transaction, the chief executive officer owned 24,952 shares of the company’s stock, valued at $324,376. This represents a 160.68% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Kim bought 30,000 shares of the stock in a transaction on Friday, February 27th. The shares were bought at an average price of $14.30 per share, for a total transaction of $429,000.00. Following the completion of the transaction, the executive vice president directly owned 137,973 shares of the company’s stock, valued at $1,973,013.90. This trade represents a 27.78% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 61,680 shares of company stock worth $899,437 over the last 90 days. 7.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. grew its position in Claritev by 4.8% during the fourth quarter. Invesco Ltd. now owns 22,802 shares of the company’s stock worth $975,000 after buying an additional 1,044 shares during the period. FAS Wealth Partners Inc. grew its position in Claritev by 20.5% during the fourth quarter. FAS Wealth Partners Inc. now owns 31,097 shares of the company’s stock worth $1,329,000 after buying an additional 5,290 shares during the period. XTX Topco Ltd acquired a new position in Claritev during the fourth quarter worth about $729,000. Arini Captial Management Ltd acquired a new position in Claritev during the fourth quarter worth about $64,291,000. Finally, Third Point LLC acquired a new position in Claritev during the fourth quarter worth about $6,199,000. 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.