Clarivate (NYSE:CLVT) Stock Price Up 4.4% – What’s Next?

Clarivate PLC (NYSE:CLVT)’s share price shot up 4.4% during mid-day trading on Thursday. The company traded as high as $1.52 and last traded at $1.5350. Approximately 846,510 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 6,189,603 shares. The stock had previously closed at $1.47.

Analyst Upgrades and Downgrades

CLVT has been the subject of several recent analyst reports. Stifel Nicolaus decreased their target price on shares of Clarivate from $6.00 to $5.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Barclays reduced their price target on shares of Clarivate from $2.50 to $2.00 and set an “underweight” rating for the company in a research report on Thursday, July 30th. Citigroup reduced their target price on Clarivate from $2.80 to $2.50 and set a “neutral” rating for the company in a report on Thursday, July 30th. Wall Street Zen downgraded Clarivate from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, The Goldman Sachs Group lowered their price objective on shares of Clarivate from $2.90 to $2.60 and set a “neutral” rating on the stock in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $3.02.

Clarivate Stock Performance

The company has a market cap of $1.01 billion, a PE ratio of -3.03 and a beta of 1.40. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.93. The business’s 50 day moving average is $1.90 and its two-hundred day moving average is $2.22.

Clarivate (NYSE:CLVT) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $587.30 million during the quarter, compared to analyst estimates of $589.73 million. Clarivate had a positive return on equity of 9.15% and a negative net margin of 13.84%.Clarivate’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 EPS. On average, equities research analysts anticipate that Clarivate PLC will post 0.67 EPS for the current year.

Insider Activity

In other Clarivate news, Director Kenneth L. Cornick purchased 250,000 shares of the company’s stock in a transaction on Friday, August 7th. The stock was acquired at an average cost of $1.85 per share, for a total transaction of $462,500.00. Following the purchase, the director directly owned 2,000,000 shares of the company’s stock, valued at $3,700,000. This trade represents a 14.29% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew Snyder sold 2,489,618 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $1.94, for a total transaction of $4,829,858.92. Following the sale, the director directly owned 3,856,597 shares of the company’s stock, valued at approximately $7,481,798.18. This trade represents a 39.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 22.88% of the company’s stock.

Hedge Funds Weigh In On Clarivate

Several hedge funds have recently modified their holdings of CLVT. WINTON GROUP Ltd purchased a new position in Clarivate during the second quarter valued at $114,000. Engineers Gate Manager LP purchased a new stake in Clarivate in the 2nd quarter worth $431,000. West Family Investments Inc. purchased a new position in shares of Clarivate during the second quarter valued at about $43,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Clarivate during the second quarter valued at about $605,000. Finally, HB Wealth Management LLC bought a new position in Clarivate during the second quarter valued at approximately $35,000. Hedge funds and other institutional investors own 85.72% of the company’s stock.

Clarivate Company Profile

Clarivate Plc (NYSE:CLVT) is a global information services and analytics company that provides data, software and research tools to organizations in academia, government, life sciences, intellectual property and other knowledge-intensive industries.

Its products and services include Web of Science research and citation databases, Derwent Innovation and other intellectual property solutions, life sciences analytics, and workflow and library-management platforms. Through its ProQuest and Ex Libris offerings, Clarivate also supports academic institutions with research content, library systems, discovery tools and digital resources.

Clarivate serves customers internationally, including universities, research organizations, corporations, publishers, government agencies and patent professionals.