Clarivate (NYSE:CLVT) Shares Gap Down – Here’s What Happened

Clarivate PLC (NYSE:CLVT) shares gapped down before the market opened on Wednesday . The stock had previously closed at $2.40, but opened at $1.78. Clarivate shares last traded at $2.2050, with a volume of 2,699,798 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CLVT shares. Wall Street Zen upgraded Clarivate from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Barclays lifted their price objective on Clarivate from $2.40 to $2.50 and gave the stock an “underweight” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a research note on Wednesday, June 24th. Four equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Clarivate has an average rating of “Reduce” and an average price target of $2.98.

Clarivate Trading Down 16.0%

The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.89. The business has a 50-day simple moving average of $2.29 and a 200-day simple moving average of $2.44. The company has a market cap of $1.29 billion, a PE ratio of -9.60 and a beta of 1.38.

Clarivate (NYSE:CLVT) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $587.30 million for the quarter, compared to analyst estimates of $589.73 million. Clarivate had a negative net margin of 5.61% and a positive return on equity of 8.82%. The business’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 earnings per share. On average, analysts predict that Clarivate PLC will post 0.65 EPS for the current fiscal year.

Institutional Trading of Clarivate

A number of institutional investors have recently bought and sold shares of the business. Atairos Partners GP Inc. lifted its stake in Clarivate by 195.3% during the fourth quarter. Atairos Partners GP Inc. now owns 10,232,667 shares of the company’s stock worth $34,177,000 after purchasing an additional 6,767,667 shares during the last quarter. First Trust Advisors LP purchased a new position in Clarivate in the fourth quarter valued at approximately $16,721,000. Balyasny Asset Management L.P. increased its stake in Clarivate by 827.6% in the third quarter. Balyasny Asset Management L.P. now owns 4,882,593 shares of the company’s stock valued at $18,700,000 after purchasing an additional 4,356,232 shares during the last quarter. Bank of America Corp DE raised its holdings in Clarivate by 506.9% during the second quarter. Bank of America Corp DE now owns 2,870,668 shares of the company’s stock worth $12,344,000 after purchasing an additional 2,397,670 shares in the last quarter. Finally, Man Group plc raised its holdings in Clarivate by 228.1% during the second quarter. Man Group plc now owns 3,091,139 shares of the company’s stock worth $13,292,000 after purchasing an additional 2,148,943 shares in the last quarter. 85.72% of the stock is owned by hedge funds and other institutional investors.

About Clarivate

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.