Clarivate (NYSE:CLVT) Director Sells 2,489,618 Shares of Stock

Clarivate PLC (NYSE:CLVT) Director Andrew Miles Snyder sold 2,489,618 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $1.94, for a total value of $4,829,858.92. Following the completion of the sale, the director directly owned 3,856,597 shares of the company’s stock, valued at approximately $7,481,798.18. This trade represents a 39.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Clarivate Stock Down 1.7%

NYSE:CLVT traded down $0.03 during trading hours on Wednesday, hitting $1.94. 8,173,964 shares of the company’s stock traded hands, compared to its average volume of 6,826,249. The stock’s fifty day moving average price is $2.25 and its two-hundred day moving average price is $2.39. The firm has a market cap of $1.24 billion, a P/E ratio of -3.73 and a beta of 1.40. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.85 and a current ratio of 0.85. Clarivate PLC has a twelve month low of $1.66 and a twelve month high of $4.55.

Clarivate (NYSE:CLVT) last released its earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. The company had revenue of $587.30 million for the quarter, compared to analysts’ expectations of $589.73 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 5.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.18 EPS. On average, research analysts expect that Clarivate PLC will post 0.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CLVT shares. Barclays dropped their price objective on shares of Clarivate from $2.50 to $2.00 and set an “underweight” rating on the stock in a research note on Thursday, July 30th. Wall Street Zen lowered shares of Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday. Citigroup lowered their price target 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. The Goldman Sachs Group dropped their price target on shares of Clarivate from $2.90 to $2.60 and set a “neutral” rating on the stock in a research note on Thursday, July 30th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $3.02.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Atairos Partners GP Inc. lifted its stake in shares of 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 bought a new position in Clarivate during the fourth quarter valued at about $16,721,000. Balyasny Asset Management L.P. raised its holdings in Clarivate by 827.6% during the third quarter. Balyasny Asset Management L.P. now owns 4,882,593 shares of the company’s stock valued at $18,700,000 after buying an additional 4,356,232 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Clarivate by 506.9% in 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 during the last quarter. Finally, Man Group plc lifted its position in shares of Clarivate by 228.1% in 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 during the last quarter. Institutional investors 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.