Clarivate (NYSE:CLVT) Trading 6.8% Higher – Here’s Why

Clarivate Plc (NYSE:CLVT)’s share price was up 6.8% during trading on Wednesday . The company traded as high as $5.21 and last traded at $5.20. Approximately 3,421,125 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 4,464,078 shares. The stock had previously closed at $4.87.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CLVT shares. Barclays reduced their target price on Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a report on Thursday, November 7th. Royal Bank of Canada reduced their target price on Clarivate from $7.00 to $6.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 7th. Finally, William Blair cut Clarivate from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Clarivate has a consensus rating of “Hold” and a consensus price target of $7.25.

Clarivate Trading Up 2.1 %

The business’s 50-day moving average price is $6.21 and its two-hundred day moving average price is $6.14. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of -2.58 and a beta of 1.18.

Clarivate (NYSE:CLVT) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.19 EPS for the quarter, hitting the consensus estimate of $0.19. Clarivate had a negative net margin of 50.00% and a positive return on equity of 9.69%. The firm had revenue of $622.20 million during the quarter, compared to analyst estimates of $640.81 million. During the same quarter in the prior year, the business posted $0.18 earnings per share. Clarivate’s revenue for the quarter was down 3.9% compared to the same quarter last year. Equities analysts expect that Clarivate Plc will post 0.63 earnings per share for the current year.

Insider Buying and Selling

In other Clarivate news, insider Bar Veinstein sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $7.00, for a total transaction of $420,000.00. Following the completion of the sale, the insider now directly owns 916,583 shares in the company, valued at $6,416,081. The trade was a 6.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Saurabh Saha sold 17,646 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $6.75, for a total transaction of $119,110.50. Following the sale, the director now owns 23,741 shares of the company’s stock, valued at approximately $160,251.75. This represents a 42.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 197,646 shares of company stock valued at $1,379,111. Insiders own 22.77% of the company’s stock.

Institutional Investors Weigh In On Clarivate

Several institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC purchased a new position in shares of Clarivate in the second quarter valued at $26,000. Truist Financial Corp acquired a new stake in Clarivate in the second quarter valued at $63,000. KBC Group NV raised its holdings in Clarivate by 33.2% in the third quarter. KBC Group NV now owns 10,225 shares of the company’s stock valued at $73,000 after acquiring an additional 2,549 shares in the last quarter. Forum Financial Management LP acquired a new stake in Clarivate in the second quarter valued at $75,000. Finally, Headlands Technologies LLC raised its holdings in Clarivate by 749.2% in the second quarter. Headlands Technologies LLC now owns 14,632 shares of the company’s stock valued at $83,000 after acquiring an additional 12,909 shares in the last quarter. 85.72% of the stock is currently owned by hedge funds and other institutional investors.

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.