Clarivate (NYSE:CLVT) Trading Up 4.5% – Time to Buy?

Shares of Clarivate PLC (NYSE:CLVT) shot up 4.5% during mid-day trading on Tuesday . The stock traded as high as $2.37 and last traded at $2.4150. 1,597,471 shares were traded during trading, a decline of 80% from the average session volume of 8,078,028 shares. The stock had previously closed at $2.31.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Wall Street Zen cut Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday. The Goldman Sachs Group lowered Clarivate from a “buy” rating to a “neutral” rating and cut their target price for the company from $4.20 to $3.60 in a report on Thursday, January 8th. Barclays decreased their price objective on shares of Clarivate from $4.00 to $2.40 and set an “underweight” rating for the company in a report on Wednesday, February 25th. Weiss Ratings reissued a “sell (e+)” rating on shares of Clarivate in a research report on Monday, December 29th. Finally, Morgan Stanley restated an “underweight” rating and set a $3.00 price target (down from $5.00) on shares of Clarivate in a research note on Wednesday, December 17th. Four investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $3.30.

Clarivate Stock 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 stock’s fifty day moving average price is $2.70 and its 200-day moving average price is $3.42. The company has a market capitalization of $1.57 billion, a P/E ratio of -8.12 and a beta of 1.51.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CLVT. Royal Bank of Canada grew its position in shares of Clarivate by 96.2% during the 1st quarter. Royal Bank of Canada now owns 63,630 shares of the company’s stock worth $250,000 after buying an additional 31,197 shares during the period. AQR Capital Management LLC boosted its position in Clarivate by 37.0% in the first quarter. AQR Capital Management LLC now owns 451,872 shares of the company’s stock worth $1,749,000 after purchasing an additional 122,099 shares during the last quarter. Millennium Management LLC raised its position 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 acquiring an additional 1,110,774 shares during the period. Goldman Sachs Group Inc. lifted its stake in Clarivate by 15.5% in the first quarter. Goldman Sachs Group Inc. now owns 616,250 shares of the company’s stock valued at $2,422,000 after purchasing an additional 82,768 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in 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 last quarter. Institutional investors own 85.72% of the company’s stock.

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.