Clarivate (NYSE:CLVT) Shares Down 8.3%

Clarivate Plc (NYSE:CLVT)’s stock price was down 8.3% during mid-day trading on Wednesday . The company traded as low as $6.25 and last traded at $6.37. Approximately 2,137,776 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 4,056,795 shares. The stock had previously closed at $6.95.

Analyst Ratings Changes

A number of brokerages have weighed in on CLVT. Barclays decreased their price objective on Clarivate from $7.00 to $6.00 and set an “underweight” rating on the stock in a report on Wednesday, February 28th. Oppenheimer lowered their price target on shares of Clarivate from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 28th. Royal Bank of Canada cut their price objective on shares of Clarivate from $10.00 to $8.00 and set a “sector perform” rating for the company in a report on Wednesday, February 28th. Finally, Morgan Stanley lowered their target price on Clarivate from $9.00 to $8.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 28th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $8.00.

Clarivate Stock Performance

The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of -4.36, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. The firm’s fifty day moving average price is $7.16 and its 200 day moving average price is $7.88.

Clarivate (NYSE:CLVT) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.21 EPS for the quarter, hitting analysts’ consensus estimates of $0.21. Clarivate had a positive return on equity of 9.95% and a negative net margin of 34.66%. The company had revenue of $683.70 million for the quarter, compared to analysts’ expectations of $687.80 million. During the same period in the prior year, the firm earned $0.20 earnings per share. The firm’s revenue was up 1.2% compared to the same quarter last year. Analysts forecast that Clarivate Plc will post 0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Clarivate

Several institutional investors have recently modified their holdings of CLVT. Banque Cantonale Vaudoise purchased a new stake in Clarivate during the 3rd quarter worth about $33,000. Montag A & Associates Inc. lifted its stake in Clarivate by 729.6% in the fourth quarter. Montag A & Associates Inc. now owns 7,732 shares of the company’s stock worth $72,000 after acquiring an additional 6,800 shares during the last quarter. J.W. Cole Advisors Inc. acquired a new position in Clarivate during the 1st quarter worth approximately $76,000. Forum Financial Management LP purchased a new stake in shares of Clarivate in the 3rd quarter valued at approximately $81,000. Finally, Wedmont Private Capital purchased a new stake in shares of Clarivate in the 4th quarter valued at approximately $99,000. Institutional investors and hedge funds own 85.72% of the company’s stock.

About Clarivate

Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.