Citigroup Cuts Clarivate (NYSE:CLVT) Price Target to $2.80

Clarivate (NYSE:CLVT) had its price objective decreased by equities research analysts at Citigroup from $4.25 to $2.80 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 8.74% from the company’s current price.

CLVT has been the subject of several other research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a research note on Monday, December 29th. Wall Street Zen downgraded Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday. The Goldman Sachs Group downgraded Clarivate from a “buy” rating to a “neutral” rating and cut their price target for the company from $4.20 to $3.60 in a report on Thursday, January 8th. Barclays dropped their price target on Clarivate from $4.00 to $2.40 and set an “underweight” rating for the company in a report on Wednesday, February 25th. Finally, Royal Bank Of Canada lowered their price objective on Clarivate from $5.00 to $3.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 25th. Five research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Clarivate has an average rating of “Reduce” and an average target price of $3.22.

Clarivate Trading Up 4.3%

Shares of NYSE CLVT traded up $0.11 during mid-day trading on Wednesday, hitting $2.58. The company’s stock had a trading volume of 3,390,791 shares, compared to its average volume of 8,137,398. Clarivate has a one year low of $1.66 and a one year high of $4.77. The company’s fifty day simple moving average is $2.69 and its 200-day simple moving average is $3.40. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of -8.58 and a beta of 1.55.

Institutional Trading of Clarivate

Institutional investors have recently made changes to their positions in the company. M&T Bank Corp purchased a new position in Clarivate during the fourth quarter worth about $34,000. Essex Financial Services Inc. purchased a new position in shares of Clarivate in the 3rd quarter worth approximately $41,000. Jump Financial LLC bought a new position in shares of Clarivate in the fourth quarter valued at approximately $41,000. North Dakota State Investment Board purchased a new stake in shares of Clarivate during the fourth quarter valued at approximately $42,000. Finally, Beese Fulmer Investment Management Inc. bought a new stake in Clarivate during the fourth quarter worth $44,000. 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.