Clarivate PLC (NYSE:CLVT) Receives Consensus Recommendation of “Reduce” from Brokerages

Shares of Clarivate PLC (NYSE:CLVT) have earned an average recommendation of “Reduce” from the eight research firms that are currently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $3.2167.

Several research firms have commented on CLVT. Barclays dropped 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. 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. Wall Street Zen lowered Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. The Goldman Sachs Group downgraded Clarivate from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $4.20 to $3.60 in a research note on Thursday, January 8th. Finally, Citigroup decreased their price objective on Clarivate from $4.25 to $2.80 and set a “neutral” rating on the stock in a report on Wednesday, March 4th.

Clarivate Stock Performance

Shares of NYSE CLVT opened at $2.43 on Friday. 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 company has a market cap of $1.55 billion, a P/E ratio of -8.08 and a beta of 1.55. The firm’s fifty day moving average is $2.41 and its two-hundred day moving average is $3.20. Clarivate has a 52-week low of $1.66 and a 52-week high of $4.77.

Institutional Investors Weigh In On Clarivate

Hedge funds have recently bought and sold shares of the business. Atairos Partners GP Inc. lifted its position in Clarivate by 195.3% during the fourth quarter. Atairos Partners GP Inc. now owns 10,232,667 shares of the company’s stock valued at $34,177,000 after purchasing an additional 6,767,667 shares during the last quarter. First Trust Advisors LP bought a new stake in shares of Clarivate in the 4th quarter worth about $16,721,000. Norges Bank bought a new stake in shares of Clarivate in the 2nd quarter worth about $19,273,000. Balyasny Asset Management L.P. raised its position in shares of Clarivate by 827.6% during the 3rd quarter. Balyasny Asset Management L.P. now owns 4,882,593 shares of the company’s stock valued at $18,700,000 after buying an additional 4,356,232 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Clarivate by 506.9% during the 2nd quarter. Bank of America Corp DE now owns 2,870,668 shares of the company’s stock valued at $12,344,000 after buying an additional 2,397,670 shares in the last quarter. Hedge funds and other institutional investors own 85.72% of the company’s stock.

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.