Clarivate (NYSE:CLVT) Shares Climb 7.8% – Time to Buy?

Shares of Clarivate PLC (NYSE:CLVT) rose 7.8% on Thursday. The stock traded as high as $1.72 and last traded at $1.7350. Approximately 1,215,125 shares were traded during trading, a decline of 80% from the average daily volume of 6,109,948 shares. The stock had previously closed at $1.61.

Analysts Set New Price Targets

Several research firms have recently weighed in on CLVT. Weiss Ratings reissued a “sell (e+)” rating on shares of Clarivate in a research report on Monday, September 21st. Stifel Nicolaus reduced their price target on shares of Clarivate from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Wall Street Zen cut shares of Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. The Goldman Sachs Group decreased their price target on Clarivate from $2.90 to $2.60 and set a “neutral” rating for the company in a research note on Thursday, July 30th. Finally, Citigroup lowered their price objective on Clarivate from $2.80 to $2.50 and set a “neutral” rating for the company in a report on Thursday, July 30th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Clarivate has a consensus rating of “Reduce” and an average target price of $3.02.

Clarivate Price Performance

The company has a 50 day moving average of $1.85 and a 200-day moving average of $2.18. The stock has a market capitalization of $1.12 billion, a P/E ratio of -3.36 and a beta of 1.40. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.93.

Clarivate (NYSE:CLVT) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Clarivate had a negative net margin of 13.84% and a positive return on equity of 9.15%. The firm had revenue of $587.30 million during the quarter, compared to the consensus estimate of $589.73 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The firm’s revenue was down 5.5% on a year-over-year basis. Sell-side analysts predict that Clarivate PLC will post 0.67 EPS for the current year.

Insider Transactions at Clarivate

In other Clarivate news, Director Kenneth L. Cornick bought 250,000 shares of the business’s stock in a transaction on Friday, August 7th. The shares were purchased at an average price of $1.85 per share, with a total value of $462,500.00. Following the completion of the acquisition, the director directly owned 2,000,000 shares of the company’s stock, valued at approximately $3,700,000. The trade was a 14.29% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Andrew Snyder sold 2,489,618 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $1.94, for a total transaction of $4,829,858.92. Following the completion of the transaction, the director directly owned 3,856,597 shares in the company, valued at $7,481,798.18. This represents a 39.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 22.88% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Clarivate

Several institutional investors have recently made changes to their positions in CLVT. First Trust Advisors LP boosted its holdings 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 acquiring an additional 516,418 shares during the period. KBC Group NV bought a new position in shares of Clarivate during the first quarter worth about $4,118,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Clarivate in the 1st quarter worth about $3,342,000. Empowered Funds LLC increased its holdings in shares of Clarivate by 418.6% in the 1st quarter. Empowered Funds LLC now owns 2,015,829 shares of the company’s stock worth $5,100,000 after acquiring an additional 1,627,159 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of Clarivate in the 1st quarter worth about $1,159,000. 85.72% of the stock is owned by institutional investors.

Clarivate Company Profile

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.