Clarivate (NYSE:CLVT) Reaches New 12-Month Low – Should You Sell?

Clarivate PLC (NYSE:CLVT) hit a new 52-week low on Tuesday . The stock traded as low as $2.59 and last traded at $2.6550, with a volume of 7847823 shares changing hands. The stock had previously closed at $2.65.

Analysts Set New Price Targets

CLVT has been the topic of several analyst reports. Morgan Stanley reissued an “underweight” rating and set a $3.00 target price (down from $5.00) on shares of Clarivate in a report on Wednesday, December 17th. The Goldman Sachs Group downgraded shares of Clarivate from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $4.20 to $3.60 in a research note on Thursday, January 8th. Wall Street Zen lowered shares of Clarivate from a “buy” rating to a “hold” rating in a report on Saturday, December 27th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Clarivate in a research report on Monday, December 29th. Four equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Clarivate currently has a consensus rating of “Reduce” and a consensus target price of $4.28.

Clarivate Stock Performance

The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.90. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -4.66 and a beta of 1.51. The company has a 50 day simple moving average of $3.34 and a 200 day simple moving average of $3.71.

Insider Activity at Clarivate

In related news, Director Kenneth L. Cornick bought 100,000 shares of the business’s stock in a transaction on Monday, November 10th. The shares were purchased at an average price of $3.45 per share, for a total transaction of $345,000.00. Following the completion of the transaction, the director directly owned 1,100,000 shares of the company’s stock, valued at approximately $3,795,000. This represents a 10.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, insider Bar Veinstein sold 309,902 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $3.74, for a total transaction of $1,159,033.48. Following the transaction, the insider owned 848,811 shares of the company’s stock, valued at $3,174,553.14. This trade represents a 26.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 23.18% of the stock is owned by corporate insiders.

Institutional Trading of Clarivate

A number of hedge funds have recently made changes to their positions in CLVT. Norges Bank acquired a new position in shares of Clarivate in the second quarter valued at approximately $19,273,000. Balyasny Asset Management L.P. boosted its position 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 buying an additional 4,356,232 shares during the period. Bank of America Corp DE grew its holdings in Clarivate by 506.9% during the 2nd quarter. Bank of America Corp DE now owns 2,870,668 shares of the company’s stock worth $12,344,000 after acquiring an additional 2,397,670 shares during the last quarter. Man Group plc increased its position in Clarivate by 228.1% in the 2nd quarter. Man Group plc now owns 3,091,139 shares of the company’s stock valued at $13,292,000 after acquiring an additional 2,148,943 shares during the period. Finally, LSV Asset Management bought a new position in shares of Clarivate during the third quarter valued at $8,072,000. 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.