Clarivate (NYSE:CLVT) Shares Climb 16% Following Strong Earnings

Clarivate PLC (NYSE:CLVT)’s share price traded up 16% during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $1.85 and last traded at $1.9250. 2,741,625 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 5,971,210 shares. The stock had previously closed at $1.66.

The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. Clarivate had a negative net margin of 17.02% and a positive return on equity of 9.84%. The company had revenue of $481.60 million during the quarter, compared to analyst estimates of $566.77 million. During the same period in the prior year, the business posted $0.18 earnings per share. Clarivate’s revenue for the quarter was down 22.7% on a year-over-year basis.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CLVT shares. Barclays cut their target price on shares of Clarivate from $2.50 to $2.00 and set an “underweight” rating on the stock in a research note on Thursday, July 30th. Citigroup decreased their price target on shares of Clarivate from $2.80 to $2.50 and set a “neutral” rating for the company in a research note on Thursday, July 30th. The Goldman Sachs Group lowered their price objective on shares of Clarivate from $2.60 to $2.30 and set a “neutral” rating for the company in a report on Thursday. Wall Street Zen cut Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $2.25 target price on shares of Clarivate in a report on Thursday. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Clarivate has an average rating of “Reduce” and an average target price of $2.65.

Insider Activity

In other Clarivate news, Director Kenneth Cornick purchased 250,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was bought at an average cost of $1.85 per share, for a total transaction of $462,500.00. Following the purchase, the director directly owned 2,000,000 shares in the company, valued at $3,700,000. The trade was a 14.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Clarivate

A number of hedge funds and other institutional investors have recently bought and sold shares of CLVT. Abel Hall LLC lifted its holdings in shares of Clarivate by 12.4% during the first quarter. Abel Hall LLC now owns 54,302 shares of the company’s stock valued at $137,000 after purchasing an additional 5,972 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Clarivate by 94.2% in the 1st quarter. Parallel Advisors LLC now owns 13,786 shares of the company’s stock worth $35,000 after purchasing an additional 6,687 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Clarivate by 44.8% in the 1st quarter. Royal Bank of Canada now owns 32,818 shares of the company’s stock worth $83,000 after purchasing an additional 10,149 shares in the last quarter. Ancora Advisors LLC grew its stake in shares of Clarivate by 12.3% in the 2nd quarter. Ancora Advisors LLC now owns 100,000 shares of the company’s stock worth $216,000 after buying an additional 10,970 shares during the last quarter. Finally, Personal CFO Solutions LLC purchased a new stake in shares of Clarivate in the 1st quarter worth approximately $30,000. Hedge funds and other institutional investors own 85.72% of the company’s stock.

Clarivate Price Performance

The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 0.92. The company has a market cap of $1.49 billion, a PE ratio of -3.83 and a beta of 1.38. The firm has a 50 day moving average of $1.82 and a two-hundred day moving average of $2.21.

Clarivate Company Profile

Clarivate Plc (NYSE:CLVT) provides analytics, data, and workflow solutions to organizations in academia, government, research, life sciences, and intellectual property. Its offerings are designed to help customers evaluate research, manage information, accelerate innovation, and support strategic decision-making.

The company’s products include Web of Science research databases and citation analytics, InCites research evaluation tools, Derwent innovation and patent intelligence services, and Cortellis life sciences and drug-development information.