Clarivate (NYSE:CLVT) Stock Price Down 3.7% – Here’s What Happened

Clarivate PLC (NYSE:CLVT)’s share price dropped 3.7% on Monday . The stock traded as low as $2.47 and last traded at $2.4750. Approximately 738,279 shares traded hands during trading, a decline of 90% from the average daily volume of 7,689,674 shares. The stock had previously closed at $2.57.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Citigroup cut their price objective on Clarivate from $4.25 to $2.80 and set a “neutral” rating for the company in a research report on Wednesday, March 4th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a report on Monday, December 29th. The Goldman Sachs Group lowered shares of Clarivate from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $4.20 to $3.60 in a research report on Thursday, January 8th. Wall Street Zen downgraded shares of Clarivate from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Barclays decreased their price target on shares of Clarivate from $4.00 to $2.40 and set an “underweight” rating on the stock in a research note on Wednesday, February 25th. Five research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Clarivate currently has an average rating of “Reduce” and a consensus price target of $3.22.

Clarivate Trading Down 3.7%

The company has a debt-to-equity ratio of 0.89, a current ratio of 0.84 and a quick ratio of 0.84. The business’s 50-day moving average is $2.56 and its 200 day moving average is $3.30. The firm has a market capitalization of $1.59 billion, a P/E ratio of -8.22 and a beta of 1.55.

Institutional Investors Weigh In On Clarivate

Several institutional investors have recently made changes to their positions in CLVT. M&T Bank Corp acquired a new position in Clarivate during the fourth quarter worth about $34,000. Essex Financial Services Inc. acquired a new position in Clarivate during the 3rd quarter worth approximately $41,000. Jump Financial LLC bought a new position in Clarivate in the 4th quarter valued at approximately $41,000. North Dakota State Investment Board acquired a new stake in Clarivate in the fourth quarter valued at approximately $42,000. Finally, Beese Fulmer Investment Management Inc. bought a new stake in shares of Clarivate during the fourth quarter worth $44,000. 85.72% of the stock is currently owned by institutional investors.

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.