Clarivate (NYSE:CLVT) Sees Unusually-High Trading Volume – Here’s What Happened

Clarivate Plc (NYSE:CLVT) shares saw unusually-high trading volume on Wednesday . Approximately 7,397,950 shares changed hands during trading, an increase of 92% from the previous session’s volume of 3,851,896 shares.The stock last traded at $5.14 and had previously closed at $5.14.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CLVT shares. William Blair cut shares of Clarivate from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Barclays dropped their price objective on shares of Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a report on Thursday, November 7th. Finally, Royal Bank of Canada lowered their target price on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating for the company in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Clarivate currently has a consensus rating of “Hold” and a consensus price target of $7.10.

Clarivate Stock Performance

The company’s fifty day moving average price is $5.30 and its 200 day moving average price is $5.94. The company has a market cap of $3.63 billion, a PE ratio of -2.58 and a beta of 1.17. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.88 and a quick ratio of 0.88.

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

Clarivate announced that its board has initiated a share repurchase program on Monday, December 16th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 12.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Clarivate news, Director Michael J. Angelakis bought 1,500,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $5.11 per share, for a total transaction of $7,665,000.00. Following the completion of the transaction, the director now directly owns 1,500,000 shares of the company’s stock, valued at $7,665,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 23.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Clarivate

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its position in shares of Clarivate by 161.4% in the fourth 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 purchased a new position in shares of Clarivate during the 4th quarter valued at about $58,000. Truist Financial Corp bought a new stake in shares of Clarivate in the 2nd quarter worth approximately $63,000. KBC Group NV grew its position in Clarivate by 33.2% during the 3rd quarter. KBC Group NV now owns 10,225 shares of the company’s stock worth $73,000 after acquiring an additional 2,549 shares during the last quarter. Finally, Pitcairn Co. bought a new position in shares of Clarivate during the third quarter valued at about $100,000. Institutional investors own 85.72% of the company’s stock.

Clarivate Company Profile

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.