Clarivate Plc (NYSE:CLVT) Sees Significant Growth in Short Interest

Clarivate Plc (NYSE:CLVT) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 50,490,000 shares, a growth of 15.8% from the August 15th total of 43,610,000 shares. Based on an average daily volume of 6,040,000 shares, the short-interest ratio is currently 8.4 days. Approximately 12.2% of the shares of the company are sold short.

Clarivate Price Performance

CLVT traded up $0.06 during trading on Tuesday, hitting $7.39. The company’s stock had a trading volume of 1,432,036 shares, compared to its average volume of 6,025,083. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.88. The firm’s 50 day moving average price is $7.96 and its 200-day moving average price is $8.55. Clarivate has a twelve month low of $6.41 and a twelve month high of $11.99.

Clarivate (NYSE:CLVT) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. Clarivate had a positive return on equity of 9.65% and a negative net margin of 159.90%. The firm had revenue of $668.80 million during the quarter, compared to the consensus estimate of $673.97 million. During the same quarter in the previous year, the business earned $0.19 earnings per share. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Clarivate will post 0.6 earnings per share for the current year.

Hedge Funds Weigh In On Clarivate

Institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC bought a new stake in Clarivate during the first quarter valued at $38,000. Tower Research Capital LLC TRC grew its position in shares of Clarivate by 201.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,682 shares of the company’s stock valued at $45,000 after buying an additional 3,129 shares during the last quarter. Fifth Third Bancorp lifted its holdings in Clarivate by 637.1% in the first quarter. Fifth Third Bancorp now owns 4,946 shares of the company’s stock worth $46,000 after acquiring an additional 4,275 shares during the last quarter. Penserra Capital Management LLC boosted its stake in Clarivate by 50.0% in the first quarter. Penserra Capital Management LLC now owns 5,322 shares of the company’s stock valued at $89,000 after acquiring an additional 1,774 shares during the period. Finally, Macquarie Group Ltd. grew its holdings in shares of Clarivate by 40.5% during the first quarter. Macquarie Group Ltd. now owns 6,077 shares of the company’s stock valued at $57,000 after purchasing an additional 1,753 shares during the last quarter. 86.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Bank of America downgraded Clarivate from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $10.00 to $6.00 in a research report on Monday, August 7th. Morgan Stanley decreased their price target on Clarivate from $11.00 to $9.00 and set an “equal weight” rating for the company in a research note on Friday, August 4th. Oppenheimer cut their target price on Clarivate from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. Barclays lowered shares of Clarivate from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $8.00 to $7.00 in a research report on Friday, September 8th. Finally, Royal Bank of Canada lowered shares of Clarivate from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $9.00 to $8.00 in a report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.36.

About Clarivate

Clarivate Plc, an information, analytics, and workflow company, provides structured information and analytics for discovery, development, protection, commercialization, and measurement of scientific research, innovations, and brands. The company operates through three segments: Academia and Government, Life Sciences and Healthcare, and Intellectual Property.