Clarivate (NYSE:CLVT) Sets New 1-Year Low – Here’s Why

Shares of Clarivate PLC (NYSE:CLVT) reached a new 52-week low during trading on Wednesday . The company traded as low as $2.76 and last traded at $2.7650, with a volume of 900257 shares traded. The stock had previously closed at $2.86.

Analysts Set New Price Targets

Several equities research analysts have commented on CLVT shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a research note on Monday, December 29th. The Goldman Sachs Group lowered Clarivate from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $4.20 to $3.60 in a report on Thursday, January 8th. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 target price (down from $5.00) on shares of Clarivate in a research report on Wednesday, December 17th. Finally, Wall Street Zen lowered shares of Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, December 27th. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $4.28.

Clarivate Price Performance

The stock has a market cap of $1.75 billion, a PE ratio of -4.65 and a beta of 1.51. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.87 and a current ratio of 0.87. The stock’s 50-day moving average is $3.35 and its two-hundred day moving average is $3.73.

Insider Buying and Selling at Clarivate

In other news, Director Kenneth L. Cornick bought 225,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were purchased at an average cost of $3.52 per share, for a total transaction of $792,000.00. Following the completion of the purchase, the director owned 1,000,000 shares of the company’s stock, valued at approximately $3,520,000. This represents a 29.03% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bar Veinstein sold 309,902 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $3.74, for a total transaction of $1,159,033.48. Following the completion of the sale, the insider owned 848,811 shares in the company, valued at $3,174,553.14. The trade was a 26.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 23.18% of the company’s stock.

Institutional Investors Weigh In On Clarivate

A number of hedge funds and other institutional investors have recently modified their holdings of CLVT. Cetera Investment Advisers lifted its holdings in shares of Clarivate by 11.2% in the 2nd quarter. Cetera Investment Advisers now owns 26,034 shares of the company’s stock valued at $112,000 after buying an additional 2,617 shares during the period. California State Teachers Retirement System increased its holdings in shares of Clarivate by 0.9% during the 2nd quarter. California State Teachers Retirement System now owns 303,147 shares of the company’s stock valued at $1,304,000 after purchasing an additional 2,788 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Clarivate by 3.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 77,275 shares of the company’s stock valued at $296,000 after purchasing an additional 2,884 shares during the period. IFP Advisors Inc boosted its holdings in Clarivate by 8.1% during the third quarter. IFP Advisors Inc now owns 41,426 shares of the company’s stock worth $170,000 after buying an additional 3,117 shares in the last quarter. Finally, Hsbc Holdings PLC grew its position in Clarivate by 4.3% during the second quarter. Hsbc Holdings PLC now owns 116,648 shares of the company’s stock valued at $500,000 after buying an additional 4,792 shares during the period. 85.72% of the stock is currently owned by institutional investors and hedge funds.

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.