Clarivate (NYSE:CLVT) Stock Price Down 9% – Here’s Why

Clarivate PLC (NYSE:CLVT)’s stock price dropped 9% on Thursday . The company traded as low as $2.49 and last traded at $2.4850. Approximately 714,119 shares traded hands during trading, a decline of 90% from the average daily volume of 6,883,035 shares. The stock had previously closed at $2.73.

Wall Street Analyst Weigh In

CLVT has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Barclays lowered their price objective on shares of Clarivate from $4.00 to $2.40 and set an “underweight” rating for the company in a research report on Wednesday, February 25th. The Goldman Sachs Group downgraded shares of Clarivate from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $4.20 to $3.60 in a research report on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a research report on Friday, March 27th. Finally, Royal Bank Of Canada reduced their target price on shares of Clarivate from $5.00 to $3.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 25th. Five equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $3.22.

Clarivate Price Performance

The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.84 and a current ratio of 0.84. The business’s 50 day simple moving average is $2.38 and its 200-day simple moving average is $2.99. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of -8.32 and a beta of 1.39.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CLVT. Royal Bank of Canada boosted its stake in Clarivate by 96.2% during the 1st quarter. Royal Bank of Canada now owns 63,630 shares of the company’s stock valued at $250,000 after purchasing an additional 31,197 shares during the period. AQR Capital Management LLC boosted its stake in Clarivate by 37.0% during the 1st quarter. AQR Capital Management LLC now owns 451,872 shares of the company’s stock valued at $1,749,000 after purchasing an additional 122,099 shares during the period. Millennium Management LLC lifted its stake in shares of Clarivate by 1,420.4% in the 1st quarter. Millennium Management LLC now owns 1,188,978 shares of the company’s stock worth $4,673,000 after acquiring an additional 1,110,774 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Clarivate by 15.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 616,250 shares of the company’s stock worth $2,422,000 after acquiring an additional 82,768 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Clarivate by 13.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,243,683 shares of the company’s stock worth $4,888,000 after acquiring an additional 144,462 shares during the period. 85.72% of the stock is owned by institutional investors and hedge funds.

About Clarivate

Clarivate plc is a global information and analytics company that provides insights and workflow solutions to accelerate the pace of innovation. The company delivers proprietary data, analytics, and expertise to support research and development in the life sciences, intellectual property management, academic institutions, government agencies, and corporations. Its core offerings include citation and patent databases, drug pipeline analytics, trademark research tools, regulatory compliance solutions, and market intelligence platforms.

Originally part of Thomson Reuters’ Intellectual Property & Science division, Clarivate was established as an independent entity in 2016 following a spin-off transaction.