Clarivate (NYSE:CLVT) Shares Gap Down – Here’s What Happened

Shares of Clarivate PLC (NYSE:CLVT) gapped down prior to trading on Wednesday . The stock had previously closed at $2.40, but opened at $1.78. Clarivate shares last traded at $2.2050, with a volume of 2,699,798 shares trading hands.

Analyst Upgrades and Downgrades

CLVT has been the topic of several recent research reports. Barclays upped their price objective on Clarivate from $2.40 to $2.50 and gave the stock an “underweight” rating in a research report on Tuesday, July 7th. Wall Street Zen upgraded shares of Clarivate from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Clarivate in a report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $2.98.

Clarivate Price Performance

The stock has a market capitalization of $1.29 billion, a PE ratio of -9.60 and a beta of 1.38. The stock’s 50 day moving average is $2.29 and its two-hundred day moving average is $2.44. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.84 and a current ratio of 0.84.

Clarivate (NYSE:CLVT) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. Clarivate had a positive return on equity of 8.82% and a negative net margin of 5.61%.The company had revenue of $587.30 million for the quarter, compared to analysts’ expectations of $589.73 million. During the same period in the previous year, the firm posted $0.18 EPS. Clarivate’s revenue was down 5.5% compared to the same quarter last year. On average, equities analysts anticipate that Clarivate PLC will post 0.65 EPS for the current fiscal year.

Institutional Trading of Clarivate

Institutional investors have recently made changes to their positions in the company. Atairos Partners GP Inc. raised its stake in Clarivate by 195.3% in the 4th quarter. Atairos Partners GP Inc. now owns 10,232,667 shares of the company’s stock valued at $34,177,000 after purchasing an additional 6,767,667 shares during the last quarter. First Trust Advisors LP acquired a new stake in Clarivate during the 4th quarter worth $16,721,000. Balyasny Asset Management L.P. boosted its stake in Clarivate by 827.6% during the 3rd quarter. Balyasny Asset Management L.P. now owns 4,882,593 shares of the company’s stock worth $18,700,000 after purchasing an additional 4,356,232 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Clarivate by 506.9% during the second quarter. Bank of America Corp DE now owns 2,870,668 shares of the company’s stock worth $12,344,000 after buying an additional 2,397,670 shares in the last quarter. Finally, Man Group plc grew its holdings in shares of Clarivate by 228.1% during the second quarter. Man Group plc now owns 3,091,139 shares of the company’s stock worth $13,292,000 after buying an additional 2,148,943 shares in the last quarter. 85.72% of the stock is owned by institutional investors and hedge funds.

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.