Clarivate (NYSE:CLVT) Shares Down 6.5% – Should You Sell?

Clarivate PLC (NYSE:CLVT) shares traded down 6.5% during mid-day trading on Tuesday . The stock traded as low as $1.93 and last traded at $1.9350. 169,955 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 6,404,138 shares. The stock had previously closed at $2.07.

Analysts Set New Price Targets

Several research analysts have commented on the stock. The Goldman Sachs Group decreased their price target on shares of Clarivate from $2.90 to $2.60 and set a “neutral” rating on the stock in a research note on Thursday, July 30th. Barclays reduced their target price on shares of Clarivate from $2.50 to $2.00 and set an “underweight” rating on the stock in a report on Thursday, July 30th. Wall Street Zen lowered shares of Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Stifel Nicolaus reduced their price objective on Clarivate from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Finally, Citigroup dropped their price objective on Clarivate from $2.80 to $2.50 and set a “neutral” rating for the company in a research note on Thursday, July 30th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Clarivate presently has a consensus rating of “Reduce” and an average price target of $3.02.

Clarivate Stock Up 0.8%

The company’s fifty day simple moving average is $2.11 and its 200 day simple moving average is $2.32. 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 firm has a market capitalization of $1.22 billion, a P/E ratio of -3.68 and a beta of 1.39.

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

Insider Buying and Selling at Clarivate

In other Clarivate news, Director Kenneth Cornick bought 650,000 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were purchased at an average price of $1.86 per share, for a total transaction of $1,209,000.00. Following the acquisition, the director owned 1,750,000 shares in the company, valued at approximately $3,255,000. This represents a 59.09% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andrew Snyder sold 2,489,618 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $1.94, for a total transaction of $4,829,858.92. Following the completion of the transaction, the director owned 3,856,597 shares of the company’s stock, valued at approximately $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. Company insiders own 22.88% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in shares of Clarivate by 96.2% in the first quarter. Royal Bank of Canada now owns 63,630 shares of the company’s stock worth $250,000 after acquiring an additional 31,197 shares during the last quarter. AQR Capital Management LLC increased 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 in the last quarter. Millennium Management LLC raised its holdings in Clarivate by 1,420.4% in the first quarter. Millennium Management LLC now owns 1,188,978 shares of the company’s stock worth $4,673,000 after buying an additional 1,110,774 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Clarivate by 15.5% in the first quarter. Goldman Sachs Group Inc. now owns 616,250 shares of the company’s stock worth $2,422,000 after buying an additional 82,768 shares during the last quarter. 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 first 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 buying an additional 144,462 shares in the last quarter. Institutional investors own 85.72% of the company’s stock.

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.