Clarivate (NYSE:CLVT) Trading Down 5.8% – Here’s Why

Shares of Clarivate PLC (NYSE:CLVT) traded down 5.8% during trading on Tuesday . The company traded as low as $3.18 and last traded at $3.1650. 484,315 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 4,475,063 shares. The stock had previously closed at $3.36.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Clarivate from a “buy” rating to a “hold” rating in a report on Saturday, December 27th. The Goldman Sachs Group cut Clarivate from a “buy” rating to a “neutral” rating and dropped their price target for the company from $4.20 to $3.60 in a research note on Thursday, January 8th. Finally, Morgan Stanley restated an “underweight” rating and set a $3.00 price objective (down previously from $5.00) on shares of Clarivate in a research report on Wednesday, December 17th. Four research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $4.28.

Clarivate Trading Down 5.8%

The company has a market cap of $2.09 billion, a P/E ratio of -5.55 and a beta of 1.51. The firm’s 50 day moving average is $3.49 and its two-hundred day moving average is $3.86. 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 Buying and Selling at Clarivate

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 value of $1,159,033.48. Following the sale, the insider directly owned 848,811 shares in the company, valued at $3,174,553.14. This represents a 26.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Andrew Miles Snyder bought 1,460,000 shares of the firm’s stock in a transaction on Friday, October 31st. The shares were purchased at an average cost of $3.33 per share, with a total value of $4,861,800.00. Following the transaction, the director directly owned 2,247,510 shares in the company, valued at approximately $7,484,208.30. This trade represents a 185.39% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 2,285,000 shares of company stock worth $7,688,800. Insiders own 23.18% of the company’s stock.

Institutional Investors Weigh In On Clarivate

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

Clarivate Company Profile

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.