Clarivate (NYSE:CLVT) Reaches New 1-Year Low After Analyst Downgrade

Clarivate Plc (NYSE:CLVT)’s share price reached a new 52-week low during mid-day trading on Wednesday after Barclays lowered their price target on the stock from $6.00 to $5.00. Barclays currently has an underweight rating on the stock. Clarivate traded as low as $5.16 and last traded at $5.27, with a volume of 2133516 shares traded. The stock had previously closed at $5.40.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group cut their price target on shares of Clarivate from $8.50 to $7.50 and set a “buy” rating on the stock in a report on Thursday, May 9th. Royal Bank of Canada cut their price target on shares of Clarivate from $8.00 to $7.00 and set a “sector perform” rating on the stock in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.56.

Institutional Investors Weigh In On Clarivate

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC bought a new position in shares of Clarivate in the second quarter worth approximately $26,000. Evermay Wealth Management LLC bought a new position in shares of Clarivate in the first quarter worth approximately $31,000. Montag A & Associates Inc. increased its position in shares of Clarivate by 729.6% in the fourth quarter. Montag A & Associates Inc. now owns 7,732 shares of the company’s stock worth $72,000 after purchasing an additional 6,800 shares during the last quarter. Forum Financial Management LP bought a new position in shares of Clarivate in the second quarter worth approximately $75,000. Finally, J.W. Cole Advisors Inc. bought a new position in Clarivate during the first quarter valued at approximately $76,000. 85.72% of the stock is currently owned by institutional investors.

Clarivate Price Performance

The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.03. The business’s 50-day simple moving average is $5.89 and its 200 day simple moving average is $6.96. The firm has a market capitalization of $3.36 billion, a P/E ratio of -3.04, a PEG ratio of 4.38 and a beta of 1.15.

Clarivate (NYSE:CLVT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. The business had revenue of $650.30 million for the quarter, compared to analysts’ expectations of $651.94 million. Clarivate had a negative net margin of 39.29% and a positive return on equity of 10.11%. The business’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period last year, the business earned $0.16 earnings per share. Sell-side analysts forecast that Clarivate Plc will post 0.62 earnings per share for the current year.

About Clarivate

Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.