Clarivate (NYSE:CLVT) Hits New 12-Month Low – Here’s What Happened

Clarivate Plc (NYSE:CLVT)’s stock price hit a new 52-week low during trading on Monday . The stock traded as low as $3.09 and last traded at $3.13, with a volume of 248973 shares traded. The stock had previously closed at $3.40.

Analyst Upgrades and Downgrades

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

Clarivate Stock Performance

The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of -3.23 and a beta of 1.48. 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 fifty day moving average is $4.38 and its two-hundred day moving average is $5.24.

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

Hedge Funds Weigh In On Clarivate

A number of institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in shares of Clarivate by 161.4% in 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 last quarter. RPO LLC bought a new stake in Clarivate during the 4th quarter valued at $55,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Clarivate during the fourth quarter valued at about $56,000. Kathmere Capital Management LLC acquired a new stake in shares of Clarivate in the 4th quarter worth approximately $58,000. Finally, Truist Financial Corp increased its position in shares of Clarivate by 27.3% during the 4th quarter. Truist Financial Corp now owns 14,000 shares of the company’s stock valued at $71,000 after purchasing an additional 3,000 shares during the period. 85.72% of the stock is owned by institutional investors and hedge funds.

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.