Clarivate (NYSE:CLVT) Shares Climb 7.8% – Here’s Why

Clarivate PLC (NYSE:CLVT)’s share price rose 7.8% during mid-day trading on Thursday. The company traded as high as $1.72 and last traded at $1.7350. Approximately 1,215,125 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 6,109,948 shares. The stock had previously closed at $1.61.

Wall Street Analysts Forecast Growth

CLVT has been the subject of several analyst reports. Wall Street Zen cut shares of Clarivate from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. The Goldman Sachs Group dropped their price objective on shares of Clarivate from $2.90 to $2.60 and set a “neutral” rating on the stock in a research report on Thursday, July 30th. Citigroup reduced their price objective on shares of Clarivate from $2.80 to $2.50 and set a “neutral” rating on the stock in a report on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a research report on Monday, September 21st. Finally, Stifel Nicolaus decreased their price objective on shares of Clarivate from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $3.02.

Clarivate Price Performance

The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of -3.36 and a beta of 1.40. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.93. The stock has a fifty day moving average of $1.86 and a 200-day moving average of $2.19.

Clarivate (NYSE:CLVT) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. Clarivate had a negative net margin of 13.84% and a positive return on equity of 9.15%. The company had revenue of $587.30 million for the quarter, compared to analyst estimates of $589.73 million. During the same period in the prior year, the firm posted $0.18 earnings per share. The firm’s revenue was down 5.5% on a year-over-year basis. On average, equities research analysts predict that Clarivate PLC will post 0.67 EPS for the current fiscal year.

Insider Buying and Selling at Clarivate

In other news, Director Andrew Snyder sold 2,489,618 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $1.94, for a total value of $4,829,858.92. Following the completion of the transaction, the director owned 3,856,597 shares in the company, valued at approximately $7,481,798.18. This represents a 39.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kenneth Cornick bought 650,000 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average cost of $1.86 per share, for a total transaction of $1,209,000.00. Following the completion of the transaction, the director directly owned 1,750,000 shares in the company, valued at approximately $3,255,000. The trade was a 59.09% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 22.88% of the company’s stock.

Hedge Funds Weigh In On Clarivate

Several large investors have recently bought and sold shares of the stock. Personal CFO Solutions LLC purchased a new position in shares of Clarivate during the first quarter worth about $30,000. FreeGulliver LLC acquired a new stake in shares of Clarivate during the first quarter worth about $30,000. Principal Financial Group Inc. acquired a new stake in shares of Clarivate during the first quarter worth about $32,000. Parallel Advisors LLC lifted its holdings in shares of Clarivate by 94.2% in the 1st quarter. Parallel Advisors LLC now owns 13,786 shares of the company’s stock valued at $35,000 after purchasing an additional 6,687 shares during the last quarter. Finally, HB Wealth Management LLC purchased a new stake in shares of Clarivate in the 2nd quarter valued at about $35,000. Institutional investors and hedge funds own 85.72% of the company’s stock.

About Clarivate

Clarivate Plc (NYSE:CLVT) is a global information services and analytics company that provides data, software and research tools to organizations in academia, government, life sciences, intellectual property and other knowledge-intensive industries.

Its products and services include Web of Science research and citation databases, Derwent Innovation and other intellectual property solutions, life sciences analytics, and workflow and library-management platforms. Through its ProQuest and Ex Libris offerings, Clarivate also supports academic institutions with research content, library systems, discovery tools and digital resources.

Clarivate serves customers internationally, including universities, research organizations, corporations, publishers, government agencies and patent professionals.