Kenneth Cornick Purchases 250,000 Shares of Clarivate (NYSE:CLVT) Stock

Clarivate PLC (NYSE:CLVT) Director Kenneth Cornick acquired 250,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average cost of $1.85 per share, for a total transaction of $462,500.00. Following the acquisition, the director owned 2,000,000 shares of the company’s stock, valued at $3,700,000. This represents a 14.29% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Clarivate Trading Up 1.7%

Shares of CLVT opened at $1.92 on Wednesday. Clarivate PLC has a twelve month low of $1.66 and a twelve 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. The firm has a market capitalization of $1.23 billion, a P/E ratio of -3.70 and a beta of 1.40. The firm’s 50-day moving average is $2.18 and its two-hundred day moving average is $2.35.

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

Institutional Investors Weigh In On Clarivate

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Atairos Partners GP Inc. boosted its stake in shares of Clarivate by 195.3% during the fourth quarter. Atairos Partners GP Inc. now owns 10,232,667 shares of the company’s stock valued at $34,177,000 after acquiring an additional 6,767,667 shares during the last quarter. First Trust Advisors LP acquired a new position in Clarivate in the 4th quarter valued at about $16,721,000. Balyasny Asset Management L.P. raised its stake in Clarivate by 827.6% in the 3rd quarter. Balyasny Asset Management L.P. now owns 4,882,593 shares of the company’s stock valued at $18,700,000 after purchasing an additional 4,356,232 shares during the last quarter. Bank of America Corp DE lifted its holdings in Clarivate by 506.9% in the 2nd quarter. Bank of America Corp DE now owns 2,870,668 shares of the company’s stock valued at $12,344,000 after purchasing an additional 2,397,670 shares in the last quarter. Finally, Man Group plc lifted its holdings in Clarivate by 228.1% in the 2nd quarter. Man Group plc now owns 3,091,139 shares of the company’s stock valued at $13,292,000 after purchasing an additional 2,148,943 shares in the last quarter. Hedge funds and other institutional investors own 85.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CLVT. Citigroup decreased their target price on Clarivate from $2.80 to $2.50 and set a “neutral” rating on the stock in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a research note on Wednesday, June 24th. Wall Street Zen lowered shares of Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Barclays decreased their price objective on shares of Clarivate from $2.50 to $2.00 and set an “underweight” rating on the stock in a research report on Thursday, July 30th. Finally, Stifel Nicolaus dropped their target price on shares of Clarivate from $6.00 to $5.00 and set a “buy” rating for the company in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $3.02.

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.