Clarivate (NYSE:CLVT) Shares Down 6.5% – What’s Next?

Clarivate PLC (NYSE:CLVT) shares dropped 6.5% on Tuesday . The company traded as low as $1.93 and last traded at $1.9350. 169,955 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 6,404,138 shares. The stock had previously closed at $2.07.

Wall Street Analysts Forecast Growth

CLVT has been the subject of a number of research reports. Barclays reduced their target price on shares of Clarivate from $2.50 to $2.00 and set an “underweight” rating for the company in a research report on Thursday, July 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of Clarivate in a report on Wednesday, June 24th. Wall Street Zen lowered Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Citigroup cut their price target on Clarivate from $2.80 to $2.50 and set a “neutral” rating for the company in a research note on Thursday, July 30th. Finally, Stifel Nicolaus lowered their price objective on Clarivate from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Clarivate has a consensus rating of “Reduce” and an average price target of $3.02.

Clarivate Price Performance

The business’s 50 day moving average is $2.12 and its two-hundred day moving average is $2.31. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $1.21 billion, a PE ratio of -3.66 and a beta of 1.39.

Clarivate (NYSE:CLVT) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The firm had revenue of $587.30 million during the quarter, compared to analyst estimates 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 for the quarter was down 5.5% on a year-over-year basis. During the same period last year, the company earned $0.18 earnings per share. Equities research analysts anticipate that Clarivate PLC will post 0.67 earnings per share for the current fiscal year.

Insider Activity

In other Clarivate news, Director Andrew Snyder sold 2,489,618 shares of Clarivate stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $1.94, for a total transaction of $4,829,858.92. Following the completion of the transaction, the director owned 3,856,597 shares of the company’s stock, valued at $7,481,798.18. The trade was a 39.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth Cornick purchased 650,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were bought 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 owned 1,750,000 shares of the company’s stock, valued at approximately $3,255,000. This trade represents a 59.09% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 22.88% of the stock is owned by company insiders.

Institutional Trading of Clarivate

Institutional investors and hedge funds have recently bought and sold shares of the company. M&T Bank Corp bought a new position in Clarivate in the 4th quarter valued at $34,000. PharVision Advisers LLC bought a new position in shares of Clarivate in the third quarter worth $45,000. Personal CFO Solutions LLC purchased a new stake in shares of Clarivate in the first quarter worth $30,000. FreeGulliver LLC purchased a new stake in shares of Clarivate in the first quarter worth $30,000. Finally, Pitcairn Co. bought a new stake in Clarivate during the second quarter valued at $52,000. 85.72% of the stock is currently owned by hedge funds and other institutional investors.

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.