Clarivate (NYSE:CLVT) Stock Falls 4.9% – Here’s What Happened

Shares of Clarivate PLC (NYSE:CLVT) dropped 4.9% during mid-day trading on Monday. The company traded as low as $2.20 and last traded at $2.2250. 429,116 shares traded hands during trading, a decline of 93% from the average session volume of 5,995,883 shares. The stock had previously closed at $2.34.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CLVT. Barclays lowered their price objective on Clarivate from $2.50 to $2.00 and set an “underweight” rating on the stock in a research report on Thursday, July 30th. The Goldman Sachs Group reduced their target price on shares of Clarivate from $2.60 to $2.30 and set a “neutral” rating for the company in a report on Thursday, November 5th. Wall Street Zen cut shares of Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Weiss Ratings restated a “sell (e+)” rating on shares of Clarivate in a research note on Monday, September 21st. Finally, William Blair downgraded shares of Clarivate to a “market perform” rating in a report on Thursday, October 15th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $2.65.

Clarivate Stock Performance

The stock has a market cap of $1.52 billion, a P/E ratio of -3.89 and a beta of 1.38. The business has a 50 day moving average price of $1.84 and a 200 day moving average price of $2.20. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.92.

Clarivate (NYSE:CLVT) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.18 by $0.03. The company had revenue of $481.60 million for the quarter, compared to the consensus estimate of $566.77 million. Clarivate had a negative net margin of 17.02% and a positive return on equity of 9.84%. The firm’s revenue was down 22.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 EPS. As a group, sell-side analysts expect that Clarivate PLC will post 0.64 EPS for the current year.

Institutional Investors Weigh In On Clarivate

Several hedge funds have recently modified their holdings of the business. Parallel Advisors LLC increased its holdings in Clarivate by 94.2% during the first quarter. Parallel Advisors LLC now owns 13,786 shares of the company’s stock valued at $35,000 after buying an additional 6,687 shares during the period. Royal Bank of Canada lifted its holdings in Clarivate by 44.8% during the first quarter. Royal Bank of Canada now owns 32,818 shares of the company’s stock worth $83,000 after buying an additional 10,149 shares during the period. Ancora Advisors LLC boosted its position in Clarivate by 12.3% during the 2nd quarter. Ancora Advisors LLC now owns 100,000 shares of the company’s stock valued at $216,000 after acquiring an additional 10,970 shares in the last quarter. FreeGulliver LLC bought a new stake in Clarivate during the 1st quarter valued at $30,000. Finally, Vise Technologies Inc. increased its holdings in shares of Clarivate by 50.4% in the 3rd quarter. Vise Technologies Inc. now owns 37,327 shares of the company’s stock valued at $62,000 after acquiring an additional 12,512 shares during the period. Hedge funds and other institutional investors own 85.72% of the company’s stock.

Clarivate Company Profile

Clarivate provides information, analytics and workflow tools to customers in academia and government, life sciences and healthcare, and intellectual property. Its services help organizations find and analyze research, assess scientific and commercial developments, and manage patents, trademarks and other intellectual property. Its products include Web of Science and ProQuest research resources, Cortellis life sciences intelligence, and intellectual property databases and services such as Derwent.