Renaissance Technologies LLC Makes New $1.16 Million Investment in Clarivate PLC $CLVT

Renaissance Technologies LLC acquired a new position in shares of Clarivate PLC (NYSE:CLVT) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 457,914 shares of the company’s stock, valued at approximately $1,159,000. Renaissance Technologies LLC owned 0.07% of Clarivate as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in CLVT. Arrowstreet Capital Limited Partnership acquired a new stake in Clarivate during the first quarter worth about $3,342,000. Sei Investments Co. raised its holdings in Clarivate by 123.7% in the 1st quarter. Sei Investments Co. now owns 113,332 shares of the company’s stock valued at $287,000 after acquiring an additional 62,677 shares in the last quarter. Lido Advisors LLC bought a new stake in shares of Clarivate in the 1st quarter worth approximately $103,000. State of Wyoming grew its holdings in shares of Clarivate by 80.2% during the 1st quarter. State of Wyoming now owns 100,379 shares of the company’s stock worth $254,000 after purchasing an additional 44,661 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Clarivate by 10.3% during the 1st quarter. First Trust Advisors LP now owns 5,522,601 shares of the company’s stock worth $13,972,000 after purchasing an additional 516,418 shares in the last quarter. Institutional investors and hedge funds own 85.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Clarivate in a research note on Wednesday, June 24th. Wall Street Zen downgraded shares of Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Stifel Nicolaus lowered their price target on shares of Clarivate from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Barclays dropped their price objective on shares of Clarivate from $2.50 to $2.00 and set an “underweight” rating for the company in a research note on Thursday, July 30th. Finally, Citigroup decreased their target price on shares of Clarivate from $2.80 to $2.50 and set a “neutral” rating on the stock in a research report on Thursday, July 30th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $3.02.

Insider Activity at Clarivate

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

Clarivate Stock Performance

Shares of NYSE:CLVT opened at $1.96 on Friday. The business has a fifty day moving average of $2.15 and a 200-day moving average of $2.34. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.85 and a current ratio of 0.85. Clarivate PLC has a twelve month low of $1.66 and a twelve month high of $4.55. The firm has a market cap of $1.25 billion, a PE ratio of -3.76 and a beta of 1.40.

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 the consensus estimate of $0.18 by $0.01. The business had revenue of $587.30 million for the quarter, compared to the consensus estimate of $589.73 million. Clarivate had a negative net margin of 13.84% and a positive return on equity of 9.15%. The firm’s quarterly revenue was down 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 EPS. On average, equities research analysts predict that Clarivate PLC will post 0.67 EPS for the current fiscal year.

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.