Clarivate (NYSE:CLVT) Trading 4.1% Higher – Here’s Why

Clarivate PLC (NYSE:CLVT) shares shot up 4.1% during mid-day trading on Tuesday . The company traded as high as $2.11 and last traded at $2.1350. Approximately 157,091 shares traded hands during trading, a decline of 98% from the average daily volume of 6,487,287 shares. The stock had previously closed at $2.05.

Wall Street Analyst Weigh In

CLVT has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a report on Wednesday, June 24th. Citigroup lowered their price target on shares of Clarivate from $2.80 to $2.50 and set a “neutral” rating on the stock in a report on Thursday, July 30th. The Goldman Sachs Group lowered their price objective on Clarivate from $2.90 to $2.60 and set a “neutral” rating for the company in a research report on Thursday, July 30th. Wall Street Zen downgraded shares of Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Stifel Nicolaus dropped their price target on Clarivate from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $3.02.

Clarivate Price Performance

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 stock has a 50-day moving average price of $2.12 and a 200 day moving average price of $2.31. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of -3.99 and a beta of 1.39.

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

Insider Activity at Clarivate

In other news, Director Kenneth L. Cornick acquired 250,000 shares of the business’s stock in a transaction on Friday, August 7th. The stock was bought at an average cost of $1.85 per share, for a total transaction of $462,500.00. Following the purchase, the director owned 2,000,000 shares in the company, valued at approximately $3,700,000. This represents a 14.29% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Andrew Miles Snyder sold 2,489,618 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $1.94, for a total value of $4,829,858.92. Following the sale, the director owned 3,856,597 shares of the company’s stock, valued at $7,481,798.18. The trade was a 39.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 22.88% of the stock is currently owned by insiders.

Institutional Trading of Clarivate

Several large investors have recently added to or reduced their stakes in CLVT. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Clarivate in the 2nd quarter valued at approximately $605,000. California State Teachers Retirement System grew its position in Clarivate by 222.9% in the 2nd quarter. California State Teachers Retirement System now owns 668,753 shares of the company’s stock valued at $1,445,000 after acquiring an additional 461,637 shares in the last quarter. HB Wealth Management LLC acquired a new stake in shares of Clarivate in the second quarter valued at $35,000. BTG Pactual Asset Management US LLC purchased a new stake in Clarivate during the 2nd quarter worth about $188,000. Finally, Straightline Group LLC purchased a new stake in shares of Clarivate during the second quarter worth approximately $208,000. 85.72% of the stock is currently owned by hedge funds and other institutional investors.

Clarivate Company Profile

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.