Clarivate (NYSE:CLVT) Shares Climb 4.4% – Time to Buy?

Clarivate PLC (NYSE:CLVT)’s share price rose 4.4% during trading on Thursday. The stock traded as high as $1.52 and last traded at $1.5350. Approximately 846,510 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 6,189,603 shares. The stock had previously closed at $1.47.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CLVT. Wall Street Zen cut Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a research report on Monday, September 21st. Stifel Nicolaus cut their target price on shares of Clarivate from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. 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. Finally, Barclays cut their price objective on Clarivate from $2.50 to $2.00 and set an “underweight” rating for the company in a report 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $3.02.

Clarivate Price Performance

The stock has a market capitalization of $1.03 billion, a P/E ratio of -3.09 and a beta of 1.40. The stock’s fifty day moving average is $1.88 and its 200-day moving average is $2.21. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.85.

Clarivate (NYSE:CLVT) last posted its earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. The company had revenue of $587.30 million for the quarter, compared to analyst estimates 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 last year, the company earned $0.18 earnings per share. On average, equities analysts anticipate that Clarivate PLC will post 0.67 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Kenneth L. Cornick purchased 650,000 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was bought at an average cost of $1.86 per share, for a total transaction of $1,209,000.00. Following the completion of the acquisition, the director directly owned 1,750,000 shares of the company’s stock, valued at approximately $3,255,000. The trade was a 59.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew Snyder sold 2,489,618 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were 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 approximately $7,481,798.18. The trade was a 39.23% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 22.88% of the company’s stock.

Institutional Investors Weigh In On Clarivate

Several hedge funds and other institutional investors have recently modified their holdings of CLVT. KBC Group NV bought a new position in shares of Clarivate during the 1st quarter worth about $4,118,000. Empowered Funds LLC raised its holdings in Clarivate by 418.6% in the 1st quarter. Empowered Funds LLC now owns 2,015,829 shares of the company’s stock valued at $5,100,000 after acquiring an additional 1,627,159 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Clarivate in the 1st quarter worth approximately $3,342,000. Amundi increased its position in shares of Clarivate by 1,670.2% during the first quarter. Amundi now owns 558,992 shares of the company’s stock valued at $1,414,000 after purchasing an additional 527,414 shares during the period. Finally, First Trust Advisors LP increased its position in shares of Clarivate by 10.3% during the first quarter. First Trust Advisors LP now owns 5,522,601 shares of the company’s stock valued at $13,972,000 after purchasing an additional 516,418 shares during the period. Institutional investors and hedge funds own 85.72% of the company’s stock.

About Clarivate

Clarivate Plc (NYSE:CLVT) is a global information services and analytics company that provides data, software and research tools to organizations in academia, government, life sciences, intellectual property and other knowledge-intensive industries.

Its products and services include Web of Science research and citation databases, Derwent Innovation and other intellectual property solutions, life sciences analytics, and workflow and library-management platforms. Through its ProQuest and Ex Libris offerings, Clarivate also supports academic institutions with research content, library systems, discovery tools and digital resources.

Clarivate serves customers internationally, including universities, research organizations, corporations, publishers, government agencies and patent professionals.