Clarivate PLC (NYSE:CLVT – Get Free Report)’s stock price dropped 6.3% during trading on Wednesday . The stock traded as low as $2.06 and last traded at $2.0250. 2,213,689 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 6,554,808 shares. The stock had previously closed at $2.16.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on CLVT shares. 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 research report on Thursday, July 30th. Wall Street Zen downgraded Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Barclays cut their price objective on Clarivate from $2.50 to $2.00 and set an “underweight” rating on the stock in a report on Thursday, July 30th. The Goldman Sachs Group reduced their target price on shares of Clarivate from $2.90 to $2.60 and set a “neutral” rating on the stock in a report on Thursday, July 30th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a research report on Wednesday, June 24th. One equities research 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. According to data from MarketBeat, Clarivate presently has a consensus rating of “Reduce” and a consensus price target of $3.02.
Check Out Our Latest Stock Analysis on Clarivate
Clarivate Stock Up 2.3%
Clarivate (NYSE:CLVT – Get Free Report) last posted its quarterly earnings data 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. The business 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 was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 earnings per share. As a group, sell-side analysts forecast that Clarivate PLC will post 0.67 EPS for the current fiscal year.
Insider Buying and Selling at Clarivate
In related news, Director Kenneth L. Cornick purchased 650,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were purchased at an average price of $1.86 per share, with a total value of $1,209,000.00. Following the acquisition, the director directly owned 1,750,000 shares of the company’s stock, valued at approximately $3,255,000. This represents a 59.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew Miles Snyder sold 2,489,618 shares of the stock in a transaction dated 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 transaction, the director owned 3,856,597 shares in the company, valued at $7,481,798.18. This trade represents a 39.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 22.88% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the company. Personal CFO Solutions LLC purchased a new position in Clarivate during the 1st quarter valued at $30,000. FreeGulliver LLC purchased a new position in Clarivate during the first quarter valued at $30,000. Principal Financial Group Inc. bought a new position in Clarivate in the 1st quarter worth about $32,000. M&T Bank Corp bought a new position in shares of Clarivate in the fourth quarter worth approximately $34,000. Finally, Parallel Advisors LLC boosted its stake in Clarivate by 94.2% during 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. 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.
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