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Garis Douglas Michael, Executive Vice President and Chief Financial Officer of Claritev Corp (NASDAQ:CTEV), has recently acquired shares of the company’s Class A common stock, according to an SEC filing. On March 7, Garis purchased a total of 8,919 shares, with transactions executed at prices ranging from $19.62 to $21.08 per share. The total value of these transactions amounted to $175,890. According to InvestingPro data, this insider purchase comes as the stock has shown strong momentum, posting a remarkable 90% gain over the past six months despite recent market volatility.
The shares were acquired through various individual retirement accounts belonging to Garis’s family members, including those of his spouse, son, and daughter. Following these transactions, Garis holds significant indirect ownership in the company through these accounts. This insider buying activity aligns with InvestingPro’s analysis, which indicates management has been actively repurchasing shares, though the company currently operates with significant debt and faces profitability challenges.
Claritev Corp, previously known as MultiPlan Corp, continues to see active engagement from its executives in the company’s equity, reflecting ongoing confidence in its business operations. With current trading levels suggesting the stock may be undervalued according to InvestingPro’s Fair Value model, investors can access detailed analysis and 12 additional exclusive ProTips about CTEV through the comprehensive Pro Research Report.
In other recent news, Claritev Corp reported mixed results for the fourth quarter of 2024, with revenue reaching $232.1 million, contributing to a full-year total of $930.6 million, marking a 3.2% decrease from the previous year. Despite the decline, the company has initiated a transformation program aimed at reducing operating costs by 10-15% and focusing on high-growth segments such as HST and Data/Decision Science. Claritev’s guidance for 2025 suggests potential revenue decline or flat growth compared to 2024. In a related development, Piper Sandler analyst Jessica Tassan raised the price target for Claritev shares to $19 from $10, maintaining a Neutral rating. The adjustment reflects the impact of recent healthcare regulations on the company’s revenue prospects. Additionally, Claritev announced changes to its executive compensation arrangements, including updates to the employment agreements of its CFO and CEO. These changes align with the company’s ongoing efforts to adapt its corporate governance practices and align executive incentives with shareholder interests.
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