Clarivate PLC (NYSE:CLVT) Stock Rated “Reduce” by Sell-Side Brokerages

Clarivate PLC (NYSE:CLVT) has received a consensus recommendation of “Reduce” from the eight analysts that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $3.02.

CLVT has been the topic of several research analyst reports. Wall Street Zen lowered Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Barclays lowered their price target on Clarivate from $2.50 to $2.00 and set an “underweight” rating for the company in a report on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a report on Monday, September 21st. William Blair lowered shares of Clarivate to a “market perform” rating in a research note on Thursday. Finally, Citigroup cut their price objective on shares of Clarivate from $2.80 to $2.50 and set a “neutral” rating on the stock in a report on Thursday, July 30th.

Clarivate Stock Up 0.3%

Clarivate stock opened at $1.75 on Tuesday. The stock has a market cap of $1.12 billion, a PE ratio of -3.36 and a beta of 1.40. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.85. The stock’s fifty day moving average is $1.85 and its two-hundred day moving average is $2.18. Clarivate has a 1-year low of $1.42 and a 1-year high of $3.87.

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

Insider Activity at Clarivate

In related news, Director Kenneth L. Cornick bought 250,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were purchased at an average cost of $1.85 per share, with a total value of $462,500.00. Following the transaction, the director directly owned 2,000,000 shares of the company’s stock, valued at approximately $3,700,000. This represents a 14.29% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Andrew Snyder sold 2,489,618 shares of Clarivate stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $1.94, for a total transaction of $4,829,858.92. Following the sale, the director owned 3,856,597 shares in the company, valued at $7,481,798.18. This represents a 39.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 22.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Clarivate

A number of institutional investors and hedge funds have recently bought and sold shares of CLVT. Invenomic Capital Management LP grew its holdings in shares of Clarivate by 3.8% during the fourth quarter. Invenomic Capital Management LP now owns 9,029,414 shares of the company’s stock worth $30,158,000 after purchasing an additional 326,369 shares during the last quarter. First Trust Advisors LP increased its position in shares of Clarivate by 10.3% during the first quarter. First Trust Advisors LP now owns 5,522,601 shares of the company’s stock worth $13,972,000 after purchasing an additional 516,418 shares in the last quarter. Empowered Funds LLC increased its position in shares of Clarivate by 418.6% during the first quarter. Empowered Funds LLC now owns 2,015,829 shares of the company’s stock worth $5,100,000 after purchasing an additional 1,627,159 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Clarivate by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 1,845,148 shares of the company’s stock worth $4,668,000 after purchasing an additional 24,257 shares in the last quarter. Finally, KBC Group NV purchased a new stake in shares of Clarivate in the 1st quarter valued at about $4,118,000. 85.72% of the stock is owned by hedge funds and other institutional investors.

About Clarivate

Clarivate Plc (NYSE:CLVT) is a global information services and analytics company that provides data, software and research tools to organizations in academia, government, life sciences, intellectual property and other knowledge-intensive industries.

Its products and services include Web of Science research and citation databases, Derwent Innovation and other intellectual property solutions, life sciences analytics, and workflow and library-management platforms. Through its ProQuest and Ex Libris offerings, Clarivate also supports academic institutions with research content, library systems, discovery tools and digital resources.

Clarivate serves customers internationally, including universities, research organizations, corporations, publishers, government agencies and patent professionals.