Clarivate Plc (NYSE:CLVT) Receives Average Recommendation of “Hold” from Brokerages

Shares of Clarivate Plc (NYSE:CLVT) have been given a consensus rating of “Hold” by the six brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $7.10.

Several brokerages have commented on CLVT. Royal Bank of Canada reissued a “sector perform” rating and issued a $6.00 price objective on shares of Clarivate in a report on Thursday. William Blair lowered Clarivate from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Finally, Barclays dropped their price objective on Clarivate from $5.00 to $4.00 and set an “underweight” rating on the stock in a report on Thursday, November 7th.

Clarivate Stock Performance

Shares of NYSE:CLVT traded up $0.27 during trading on Thursday, hitting $5.03. The stock had a trading volume of 5,328,298 shares, compared to its average volume of 5,193,915. The stock has a 50-day simple moving average of $5.14 and a two-hundred day simple moving average of $5.81. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of -2.53 and a beta of 1.17. Clarivate has a 12-month low of $4.22 and a 12-month high of $9.07.

Clarivate declared that its board has initiated a share repurchase program on Monday, December 16th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy up to 12.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Michael J. Angelakis purchased 765,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were purchased at an average price of $5.19 per share, for a total transaction of $3,970,350.00. Following the purchase, the director now directly owns 3,465,000 shares of the company’s stock, valued at $17,983,350. This represents a 28.33 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 22.77% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in shares of Clarivate by 161.4% in the 4th quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock valued at $27,000 after buying an additional 3,245 shares during the period. RPO LLC acquired a new stake in shares of Clarivate in the 4th quarter valued at approximately $55,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Clarivate in the 4th quarter valued at approximately $56,000. Kathmere Capital Management LLC acquired a new stake in shares of Clarivate in the 4th quarter valued at approximately $58,000. Finally, Truist Financial Corp lifted its holdings in shares of Clarivate by 27.3% in the 4th quarter. Truist Financial Corp now owns 14,000 shares of the company’s stock valued at $71,000 after buying an additional 3,000 shares during the period. 85.72% of the stock is currently owned by hedge funds and other institutional investors.

Clarivate Company Profile

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.