Clarivate PLC (NYSE:CLVT – Get Free Report) shares gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $1.89, but opened at $1.98. Clarivate shares last traded at $2.0450, with a volume of 311,662 shares changing hands.
Specifically, Director Kenneth L. Cornick acquired 250,000 shares of the company’s stock in a transaction on Friday, August 7th. The stock was acquired at an average price of $1.85 per share, with a total value of $462,500.00. Following the acquisition, the director directly owned 2,000,000 shares of the company’s stock, valued at approximately $3,700,000. This trade represents a 14.29% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Kenneth L. Cornick bought 650,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average price 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 of the company’s stock, valued at $3,255,000. This represents a 59.09% increase in their position. The disclosure for this purchase is available in the SEC filing.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on CLVT shares. Barclays lowered their target price on Clarivate from $2.50 to $2.00 and set an “underweight” rating for the company in a research report on Thursday, July 30th. Citigroup reduced their price objective on Clarivate from $2.80 to $2.50 and set a “neutral” rating on the stock in a research note on Thursday, July 30th. The Goldman Sachs Group dropped their target price on Clarivate from $2.90 to $2.60 and set a “neutral” rating for the company in a report on Thursday, July 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of Clarivate in a research report on Wednesday, June 24th. Finally, Stifel Nicolaus decreased their price target on Clarivate from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Clarivate has a consensus rating of “Reduce” and a consensus price target of $3.02.
Clarivate Stock Up 8.7%
The company has a 50-day simple moving average of $2.19 and a 200-day simple moving average of $2.36. The firm has a market cap of $1.31 billion, a PE ratio of -3.91 and a beta of 1.40. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.85.
Clarivate (NYSE:CLVT – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $587.30 million for the quarter, compared to the consensus estimate of $589.73 million. During the same period in the prior year, the business posted $0.18 earnings per share. The company’s revenue for the quarter was down 5.5% on a year-over-year basis. Analysts expect that Clarivate PLC will post 0.67 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Clarivate
Hedge funds have recently bought and sold shares of the business. First Trust Advisors LP lifted its stake in Clarivate by 10.3% in the first quarter. First Trust Advisors LP now owns 5,522,601 shares of the company’s stock worth $13,972,000 after acquiring an additional 516,418 shares during the period. Iridian Asset Management LLC CT increased its position in Clarivate by 52.4% during the 4th quarter. Iridian Asset Management LLC CT now owns 1,528,410 shares of the company’s stock valued at $5,105,000 after purchasing an additional 525,452 shares during the period. KBC Group NV bought a new stake in shares of Clarivate in the 1st quarter valued at about $4,118,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Clarivate in the 1st quarter worth approximately $3,342,000. Finally, Empowered Funds LLC lifted its position in shares of Clarivate by 418.6% in the 1st quarter. Empowered Funds LLC now owns 2,015,829 shares of the company’s stock worth $5,100,000 after purchasing an additional 1,627,159 shares during the period. 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.
Featured Articles
- Five stocks we like better than Clarivate
- Meta’s Muse Glimmer Release Reframes Its AI Spending Bet
- 3 Companies That Could Thrive While the Fed Holds Rates Steady
- Caterpillar’s Blowout Quarter May Point to More Industrial Winners
- Jeff Bezos’ Amazon Sale Looks Less Alarming Than the Headline Suggests
Receive News & Ratings for Clarivate Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Clarivate and related companies with MarketBeat.com's FREE daily email newsletter.
