Clarivate (NYSE:CLVT) Stock Price Down 5.8% – Here’s Why

Shares of Clarivate PLC (NYSE:CLVT) fell 5.8% during trading on Tuesday . The company traded as low as $3.18 and last traded at $3.1650. 484,315 shares were traded during mid-day trading, a decline of 89% from the average session volume of 4,475,063 shares. The stock had previously closed at $3.36.

Analysts Set New Price Targets

A number of research firms have recently commented on CLVT. Weiss Ratings restated a “sell (e+)” rating on shares of Clarivate in a research note on Monday, December 29th. Wall Street Zen cut Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday, December 27th. The Goldman Sachs Group cut shares of Clarivate from a “buy” rating to a “neutral” rating and cut their price target for the company from $4.20 to $3.60 in a research note on Thursday, January 8th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $3.00 target price (down from $5.00) on shares of Clarivate in a research note on Wednesday, December 17th. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $4.28.

Clarivate Price Performance

The company’s 50-day simple moving average is $3.49 and its 200-day simple moving average is $3.86. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of -5.55 and a beta of 1.51.

Insider Activity at Clarivate

In other news, insider Bar Veinstein sold 309,902 shares of the business’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $3.74, for a total value of $1,159,033.48. Following the completion of the sale, the insider owned 848,811 shares of the company’s stock, valued at approximately $3,174,553.14. The trade was a 26.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Andrew Miles Snyder purchased 1,460,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were acquired at an average cost of $3.33 per share, for a total transaction of $4,861,800.00. Following the completion of the transaction, the director owned 2,247,510 shares of the company’s stock, valued at $7,484,208.30. This trade represents a 185.39% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought 2,285,000 shares of company stock worth $7,688,800 in the last ninety days. 23.18% of the stock is owned by company insiders.

Institutional Trading of Clarivate

Several large investors have recently made changes to their positions in CLVT. Cetera Investment Advisers raised its position in Clarivate by 11.2% during the second quarter. Cetera Investment Advisers now owns 26,034 shares of the company’s stock valued at $112,000 after purchasing an additional 2,617 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of Clarivate by 0.9% during the 2nd quarter. California State Teachers Retirement System now owns 303,147 shares of the company’s stock worth $1,304,000 after buying an additional 2,788 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Clarivate by 3.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 77,275 shares of the company’s stock worth $296,000 after buying an additional 2,884 shares during the last quarter. IFP Advisors Inc boosted its stake in Clarivate by 8.1% in the third quarter. IFP Advisors Inc now owns 41,426 shares of the company’s stock valued at $170,000 after buying an additional 3,117 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its stake in Clarivate by 4.3% in the second quarter. Hsbc Holdings PLC now owns 116,648 shares of the company’s stock valued at $500,000 after buying an additional 4,792 shares in the last quarter. Institutional investors and hedge funds own 85.72% of the company’s stock.

Clarivate Company Profile

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.