Clarivate (NYSE:CLVT) Releases FY 2024 Earnings Guidance

Clarivate (NYSE:CLVT) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.700-0.800 for the period, compared to the consensus EPS estimate of 0.740. The company issued revenue guidance of $2.6 billion-$2.7 billion, compared to the consensus revenue estimate of $2.6 billion. Clarivate also updated its FY24 guidance to $0.70-0.80 EPS.

Clarivate Stock Down 7.8 %

NYSE:CLVT traded down $0.54 during trading hours on Wednesday, hitting $6.41. The company’s stock had a trading volume of 2,351,456 shares, compared to its average volume of 4,058,103. The stock has a market capitalization of $4.28 billion, a P/E ratio of -4.36, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. The stock has a fifty day moving average of $7.16 and a 200-day moving average of $7.88. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.03. Clarivate has a 52-week low of $6.07 and a 52-week high of $10.03.

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

Analysts Set New Price Targets

Several analysts recently commented on the stock. Barclays reduced their price target on shares of Clarivate from $7.00 to $6.00 and set an underweight rating for the company in a research report on Wednesday, February 28th. Oppenheimer reduced their price target on shares of Clarivate from $11.00 to $10.00 and set an outperform rating for the company in a research report on Wednesday, February 28th. Morgan Stanley reduced their price target on shares of Clarivate from $9.00 to $8.00 and set an equal weight rating for the company in a research report on Wednesday, February 28th. Finally, Royal Bank of Canada reduced their price target on shares of Clarivate from $10.00 to $8.00 and set a sector perform rating for the company in a research report on Wednesday, February 28th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $8.00.

Clarivate Company Profile

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.