Insider Buying: Clarivate (NYSE:CLVT) Director Purchases 650,000 Shares of Stock

Clarivate PLC (NYSE:CLVT) Director Kenneth Cornick acquired 650,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average cost of $1.86 per share, for a total transaction of $1,209,000.00. Following the completion of the transaction, the director directly owned 1,750,000 shares in the company, valued at $3,255,000. This represents a 59.09% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Clarivate Stock Up 4.4%

CLVT traded up $0.08 during trading on Monday, hitting $1.90. 4,527,465 shares of the company’s stock traded hands, compared to its average volume of 6,792,856. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -3.65 and a beta of 1.40. The company’s 50 day simple moving average is $2.21 and its two-hundred day simple moving average is $2.37. Clarivate PLC has a 12-month low of $1.66 and a 12-month high of $4.55. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.93.

Clarivate (NYSE:CLVT) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.01. The firm had revenue of $587.30 million during the quarter, compared to analysts’ expectations of $589.73 million. Clarivate had a positive return on equity of 9.15% and a negative net margin of 13.84%.The company’s revenue was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.18 earnings per share. Analysts predict that Clarivate PLC will post 0.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

CLVT has been the subject of a number of recent analyst reports. Citigroup decreased their target price on Clarivate from $2.80 to $2.50 and set a “neutral” rating for the company in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a report on Wednesday, June 24th. Barclays reduced their price target on shares of Clarivate from $2.50 to $2.00 and set an “underweight” rating for the company in a research note on Thursday, July 30th. The Goldman Sachs Group decreased their price objective on shares of Clarivate from $2.90 to $2.60 and set a “neutral” rating for the company in a report on Thursday, July 30th. Finally, Wall Street Zen downgraded shares of Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Clarivate has a consensus rating of “Reduce” and a consensus target price of $3.02.

Institutional Trading of Clarivate

A number of hedge funds have recently bought and sold shares of the company. Royal Bank of Canada boosted its position in Clarivate by 96.2% in the first quarter. Royal Bank of Canada now owns 63,630 shares of the company’s stock worth $250,000 after purchasing an additional 31,197 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Clarivate by 37.0% in the 1st quarter. AQR Capital Management LLC now owns 451,872 shares of the company’s stock worth $1,749,000 after purchasing an additional 122,099 shares during the period. Millennium Management LLC lifted its stake in shares of Clarivate by 1,420.4% in the 1st quarter. Millennium Management LLC now owns 1,188,978 shares of the company’s stock worth $4,673,000 after purchasing an additional 1,110,774 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Clarivate by 15.5% in the first quarter. Goldman Sachs Group Inc. now owns 616,250 shares of the company’s stock worth $2,422,000 after buying an additional 82,768 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Clarivate by 13.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,243,683 shares of the company’s stock worth $4,888,000 after buying an additional 144,462 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.