Clarivate (NYSE:CLVT) Trading 3.7% Higher – Here’s What Happened

Shares of Clarivate PLC (NYSE:CLVT) traded up 3.7% on Friday . The stock traded as high as $3.53 and last traded at $3.5350. 1,957,545 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 5,202,173 shares. The stock had previously closed at $3.41.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CLVT shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a research note on Monday. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 target price (down from $5.00) on shares of Clarivate in a research report on Wednesday, December 17th. Wall Street Zen raised shares of Clarivate from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. Wolfe Research initiated coverage on shares of Clarivate in a report on Wednesday, September 3rd. They issued a “peer perform” rating for the company. Finally, The Goldman Sachs Group set a $4.20 target price on Clarivate in a report on Thursday, October 30th. Three analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $4.43.

Clarivate Price Performance

The stock has a 50-day moving average price of $3.53 and a two-hundred day moving average price of $3.94. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.90. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of -6.17 and a beta of 1.51.

Insider Buying and Selling

In other Clarivate news, Director Kenneth L. Cornick purchased 100,000 shares of the stock in a transaction on Monday, November 10th. The shares were bought at an average cost of $3.45 per share, with a total value of $345,000.00. Following the completion of the acquisition, the director owned 1,100,000 shares in the company, valued at $3,795,000. This trade represents a 10.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Bar Veinstein sold 309,902 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $3.74, for a total value of $1,159,033.48. Following the completion of the sale, the insider owned 848,811 shares in the company, valued at $3,174,553.14. The trade was a 26.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders bought 2,285,000 shares of company stock valued at $7,688,800 over the last quarter. 23.18% of the stock is currently owned by company insiders.

Institutional Trading of Clarivate

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its holdings in Clarivate by 23.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,996,089 shares of the company’s stock worth $12,883,000 after buying an additional 567,003 shares in the last quarter. AGF Management Ltd. increased its position in shares of Clarivate by 20.4% during the second quarter. AGF Management Ltd. now owns 731,048 shares of the company’s stock worth $3,144,000 after acquiring an additional 123,819 shares during the period. Edmond DE Rothschild Holding S.A. raised its position in Clarivate by 19.5% in the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 9,292,470 shares of the company’s stock valued at $39,958,000 after purchasing an additional 1,514,000 shares in the last quarter. American Century Companies Inc. lifted its stake in Clarivate by 24.6% in the second quarter. American Century Companies Inc. now owns 8,267,491 shares of the company’s stock worth $35,550,000 after acquiring an additional 1,633,837 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Clarivate by 310.0% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 296,256 shares of the company’s stock worth $1,274,000 after purchasing an additional 223,995 shares during the last quarter. Hedge funds and other institutional investors own 85.72% of the company’s stock.

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.