Clarivate (NYSE:CLVT) Reaches New 52-Week Low – Here’s What Happened

Clarivate Plc (NYSE:CLVT) shares reached a new 52-week low on Tuesday . The stock traded as low as $3.83 and last traded at $3.94, with a volume of 4158824 shares traded. The stock had previously closed at $3.97.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $6.00 target price on shares of Clarivate in a research report on Thursday, February 20th.

Clarivate Stock Performance

The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.88 and a current ratio of 0.87. The stock’s 50-day simple moving average is $4.66 and its two-hundred day simple moving average is $5.39. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of -4.10 and a beta of 1.28.

Clarivate announced that its Board of Directors has authorized a stock repurchase plan on Monday, December 16th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 12.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Clarivate

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Perpetual Ltd boosted its position in shares of Clarivate by 24.6% in the fourth quarter. Perpetual Ltd now owns 9,192,680 shares of the company’s stock valued at $46,699,000 after acquiring an additional 1,816,936 shares during the period. Cerity Partners LLC boosted its holdings in Clarivate by 82.5% in the 3rd quarter. Cerity Partners LLC now owns 202,204 shares of the company’s stock valued at $1,436,000 after purchasing an additional 91,384 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Clarivate by 112.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,040,426 shares of the company’s stock valued at $7,387,000 after purchasing an additional 551,838 shares during the period. Verition Fund Management LLC grew its position in Clarivate by 707.5% in the 3rd quarter. Verition Fund Management LLC now owns 157,540 shares of the company’s stock worth $1,119,000 after purchasing an additional 138,031 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Clarivate by 161.4% during the 4th quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock worth $27,000 after purchasing an additional 3,245 shares during the period. Institutional investors and hedge funds 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.