Clarivate Plc (NYSE:CLVT) Sees Significant Decrease in Short Interest

Clarivate Plc (NYSE:CLVT) was the recipient of a large decline in short interest in December. As of December 31st, there was short interest totalling 43,170,000 shares, a decline of 7.1% from the December 15th total of 46,470,000 shares. Currently, 10.4% of the shares of the stock are short sold. Based on an average daily volume of 5,220,000 shares, the short-interest ratio is currently 8.3 days.

Wall Street Analyst Weigh In

CLVT has been the subject of several research analyst reports. William Blair lowered Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Barclays dropped their target price on Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Thursday, November 7th. Finally, Royal Bank of Canada reduced their price target on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $7.10.

Clarivate Trading Up 0.1 %

NYSE:CLVT traded up $0.01 during mid-day trading on Monday, reaching $5.10. 2,818,483 shares of the company’s stock traded hands, compared to its average volume of 2,947,887. Clarivate has a 12-month low of $4.25 and a 12-month high of $9.60. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.88 and a quick ratio of 0.88. The company has a 50 day moving average price of $5.19 and a 200-day moving average price of $5.98. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of -2.56 and a beta of 1.14.

Clarivate (NYSE:CLVT) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.19 EPS for the quarter, hitting analysts’ consensus estimates of $0.19. The company had revenue of $622.20 million during the quarter, compared to analyst estimates of $640.81 million. Clarivate had a positive return on equity of 9.69% and a negative net margin of 50.00%. The firm’s revenue was down 3.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.18 earnings per share. On average, sell-side analysts predict that Clarivate will post 0.63 earnings per share for the current year.

Clarivate declared that its board has initiated a share repurchase program on Monday, December 16th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 12.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Clarivate

In related news, Director Michael J. Angelakis acquired 765,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were purchased at an average price of $5.19 per share, for a total transaction of $3,970,350.00. Following the transaction, the director now owns 3,465,000 shares in the company, valued at $17,983,350. This represents a 28.33 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 23.14% of the company’s stock.

Institutional Trading of Clarivate

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its position in Clarivate by 161.4% during the 4th quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock valued at $27,000 after acquiring an additional 3,245 shares during the period. Kathmere Capital Management LLC bought a new position in shares of Clarivate during the fourth quarter valued at approximately $58,000. Truist Financial Corp purchased a new position in shares of Clarivate during the second quarter valued at approximately $63,000. KBC Group NV boosted its position in shares of Clarivate by 33.2% in the 3rd quarter. KBC Group NV now owns 10,225 shares of the company’s stock worth $73,000 after purchasing an additional 2,549 shares in the last quarter. Finally, MQS Management LLC purchased a new stake in shares of Clarivate in the 2nd quarter worth approximately $91,000. Institutional investors own 85.72% of the company’s stock.

About Clarivate

Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.