Clarivate (NYSE:CLVT) Shares Gap Down – Time to Sell?

Clarivate PLC (NYSE:CLVT)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $3.57, but opened at $3.40. Clarivate shares last traded at $3.4480, with a volume of 1,701,993 shares changing hands.

Analyst Ratings Changes

Several research analysts recently commented on the company. The Goldman Sachs Group set a $4.20 price target on Clarivate in a research note on Thursday, October 30th. Morgan Stanley restated an “underweight” rating and set a $3.00 price objective (down from $5.00) on shares of Clarivate in a report on Wednesday. Wolfe Research started coverage on Clarivate in a research report on Wednesday, September 3rd. They issued a “peer perform” rating on the stock. Wall Street Zen raised shares of Clarivate from a “hold” rating to a “buy” rating in a research report on Saturday, December 6th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Clarivate in a research note on Monday. Three equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $4.43.

Clarivate Price Performance

The company has a 50 day simple moving average of $3.55 and a 200-day simple moving average of $3.97. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of -6.03 and a beta of 1.51. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.90.

Insider Activity

In related news, insider Bar Veinstein sold 309,902 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $3.74, for a total transaction of $1,159,033.48. Following the sale, the insider directly owned 848,811 shares of the company’s stock, valued at approximately $3,174,553.14. This represents a 26.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kenneth L. Cornick acquired 100,000 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was acquired at an average cost of $3.45 per share, with a total value of $345,000.00. Following the acquisition, the director owned 1,100,000 shares of the company’s stock, valued at $3,795,000. This trade represents a 10.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders bought 2,285,000 shares of company stock worth $7,688,800. 23.18% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Clarivate

A number of institutional investors have recently modified their holdings of CLVT. Cetera Investment Advisers raised its stake in shares of Clarivate by 11.2% in the 2nd quarter. Cetera Investment Advisers now owns 26,034 shares of the company’s stock worth $112,000 after buying an additional 2,617 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of Clarivate by 0.9% in the 2nd quarter. California State Teachers Retirement System now owns 303,147 shares of the company’s stock worth $1,304,000 after purchasing an additional 2,788 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Clarivate by 3.9% during the third quarter. Envestnet Asset Management Inc. now owns 77,275 shares of the company’s stock valued at $296,000 after purchasing an additional 2,884 shares during the last quarter. IFP Advisors Inc boosted its holdings in Clarivate by 8.1% during the third quarter. IFP Advisors Inc now owns 41,426 shares of the company’s stock worth $170,000 after buying an additional 3,117 shares in the last quarter. Finally, Hsbc Holdings PLC grew its position in Clarivate by 4.3% in the second quarter. Hsbc Holdings PLC now owns 116,648 shares of the company’s stock worth $500,000 after buying an additional 4,792 shares during the last quarter. Institutional investors own 85.72% of the company’s stock.

About Clarivate

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.