Clarivate (NYSE:CLVT) Shares Down 6.3% – What’s Next?

Shares of Clarivate PLC (NYSE:CLVT) fell 6.3% on Wednesday . The stock traded as low as $2.06 and last traded at $2.0250. 2,213,689 shares changed hands during trading, a decline of 66% from the average session volume of 6,554,808 shares. The stock had previously closed at $2.16.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Stifel Nicolaus lowered their price target on Clarivate from $6.00 to $5.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Wall Street Zen cut shares of Clarivate from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Barclays cut their target price on Clarivate from $2.50 to $2.00 and set an “underweight” rating on the stock in a research report on Thursday, July 30th. Citigroup decreased their target price on Clarivate from $2.80 to $2.50 and set a “neutral” rating for the company in a report on Thursday, July 30th. Finally, The Goldman Sachs Group dropped their target price on Clarivate from $2.90 to $2.60 and set a “neutral” rating on the stock in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $3.02.

Clarivate Stock Performance

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 firm has a market capitalization of $1.28 billion, a PE ratio of -3.89 and a beta of 1.40. The firm has a 50-day moving average price of $2.12 and a 200 day moving average price of $2.31.

Clarivate (NYSE:CLVT) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. Clarivate had a positive return on equity of 9.15% and a negative net margin of 13.84%.The company had revenue of $587.30 million for the quarter, compared to analyst estimates of $589.73 million. During the same quarter last year, the company earned $0.18 EPS. Clarivate’s revenue for the quarter was down 5.5% compared to the same quarter last year. Research analysts expect that Clarivate PLC will post 0.67 earnings per share for the current year.

Insider Activity at Clarivate

In other news, Director Kenneth L. Cornick acquired 250,000 shares of the company’s stock in a transaction on Friday, August 7th. The shares were bought at an average cost of $1.85 per share, with a total value of $462,500.00. Following the purchase, the director owned 2,000,000 shares of the company’s stock, valued at $3,700,000. This represents a 14.29% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrew Miles Snyder sold 2,489,618 shares of the firm’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 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. Additional details regarding this sale are available in the official SEC disclosure. 22.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cetera Investment Advisers boosted its position in shares of 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 buying an additional 2,617 shares during the last quarter. California State Teachers Retirement System raised its position in Clarivate by 0.9% during the second quarter. California State Teachers Retirement System now owns 303,147 shares of the company’s stock valued at $1,304,000 after purchasing an additional 2,788 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Clarivate by 3.9% in the third quarter. Envestnet Asset Management Inc. now owns 77,275 shares of the company’s stock valued at $296,000 after purchasing an additional 2,884 shares during the last quarter. Hsbc Holdings PLC increased its position in Clarivate by 4.3% during the 2nd quarter. Hsbc Holdings PLC now owns 116,648 shares of the company’s stock valued at $500,000 after purchasing an additional 4,792 shares during the period. Finally, Advisory Services Network LLC grew its position in shares of Clarivate by 6.7% in the 3rd quarter. Advisory Services Network LLC now owns 85,200 shares of the company’s stock worth $326,000 after buying an additional 5,371 shares during the period. Hedge funds and other institutional investors own 85.72% of the company’s stock.

About Clarivate

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.