Clarivate (NYSE:CLVT) Trading 5% Higher – Still a Buy?

Clarivate Plc (NYSE:CLVT) rose 5% during trading on Wednesday . The company traded as high as $4.49 and last traded at $4.53. Approximately 282,579 shares traded hands during trading, a decline of 95% from the average daily volume of 5,643,958 shares. The stock had previously closed at $4.31.

Wall Street Analysts Forecast Growth

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

Clarivate Stock Up 2.4 %

The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of -4.61 and a beta of 1.28. The firm’s fifty day moving average is $4.84 and its 200-day moving average is $5.55. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.87 and a quick ratio of 0.88.

Clarivate announced that its board has initiated a stock repurchase plan on Monday, December 16th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 12.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Clarivate

Institutional investors have recently added to or reduced their stakes in the stock. Perpetual Ltd raised its holdings in Clarivate by 24.6% in the fourth quarter. Perpetual Ltd now owns 9,192,680 shares of the company’s stock valued at $46,699,000 after acquiring an additional 1,816,936 shares in the last quarter. Cerity Partners LLC increased its stake in Clarivate by 82.5% during the third quarter. Cerity Partners LLC now owns 202,204 shares of the company’s stock valued at $1,436,000 after purchasing an additional 91,384 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Clarivate by 112.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,040,426 shares of the company’s stock valued at $7,387,000 after purchasing an additional 551,838 shares during the last quarter. Verition Fund Management LLC increased its stake in Clarivate by 707.5% during the third quarter. Verition Fund Management LLC now owns 157,540 shares of the company’s stock valued at $1,119,000 after purchasing an additional 138,031 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Clarivate by 161.4% during the fourth quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock valued at $27,000 after purchasing an additional 3,245 shares during the last quarter. 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.