Clarivate (NYSE:CLVT) Stock Jumps 16% – Here’s Why

Clarivate PLC (NYSE:CLVT)’s share price traded up 16% during trading on Tuesday. The stock traded as high as $1.85 and last traded at $1.9250. Approximately 2,741,625 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 5,971,210 shares. The stock had previously closed at $1.66.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CLVT shares. The Goldman Sachs Group lowered their target price on shares of Clarivate from $2.90 to $2.60 and set a “neutral” rating for the company in a research note on Thursday, July 30th. Wall Street Zen downgraded shares of Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. William Blair downgraded shares of Clarivate to a “market perform” rating in a research note on Thursday, October 15th. Citigroup decreased their price objective on shares of Clarivate from $2.80 to $2.50 and set a “neutral” rating for the company in a report on Thursday, July 30th. Finally, Morgan Stanley started coverage on shares of Clarivate in a research report on Friday. They issued an “underweight” rating and a $1.50 price objective for the company. One analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Clarivate presently has a consensus rating of “Reduce” and a consensus target price of $2.77.

Clarivate Stock Up 18.4%

The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.85 and a current ratio of 0.85. The company has a fifty day simple moving average of $1.81 and a two-hundred day simple moving average of $2.22. The firm has a market capitalization of $1.26 billion, a PE ratio of -3.78 and a beta of 1.40.

Clarivate (NYSE:CLVT) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.18 by $0.03. The firm had revenue of $481.60 million for the quarter, compared to analyst estimates of $566.77 million. Clarivate had a positive return on equity of 9.15% and a negative net margin of 13.84%. The business’s revenue for the quarter was down 22.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.18 earnings per share. Analysts forecast that Clarivate PLC will post 0.67 EPS for the current fiscal year.

Insider Transactions at Clarivate

In other Clarivate news, Director Kenneth Cornick bought 650,000 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were acquired at an average price of $1.86 per share, with a total value of $1,209,000.00. Following the transaction, the director owned 1,750,000 shares of the company’s stock, valued at approximately $3,255,000. This trade represents a 59.09% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 22.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Clarivate

Several hedge funds have recently modified their holdings of the business. First Trust Advisors LP raised its stake in Clarivate by 10.3% in the first quarter. First Trust Advisors LP now owns 5,522,601 shares of the company’s stock worth $13,972,000 after buying an additional 516,418 shares in the last quarter. Empowered Funds LLC boosted its position in Clarivate by 418.6% during the 1st quarter. Empowered Funds LLC now owns 2,015,829 shares of the company’s stock valued at $5,100,000 after acquiring an additional 1,627,159 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Clarivate by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,845,148 shares of the company’s stock valued at $4,668,000 after acquiring an additional 24,257 shares in the last quarter. KBC Group NV purchased a new position in shares of Clarivate in the 1st quarter valued at $4,118,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Clarivate in the 1st quarter valued at $3,342,000. Hedge funds and other institutional investors own 85.72% of the company’s stock.

About Clarivate

Clarivate Plc (NYSE:CLVT) provides analytics, data, and workflow solutions to organizations in academia, government, research, life sciences, and intellectual property. Its offerings are designed to help customers evaluate research, manage information, accelerate innovation, and support strategic decision-making.

The company’s products include Web of Science research databases and citation analytics, InCites research evaluation tools, Derwent innovation and patent intelligence services, and Cortellis life sciences and drug-development information.