Clarivate (NYSE:CLVT) Shares Up 4.7% – Here’s What Happened

Clarivate Plc (NYSE:CLVT)’s stock price shot up 4.7% during mid-day trading on Thursday . The stock traded as high as $4.29 and last traded at $4.31. 948,559 shares traded hands during trading, a decline of 80% from the average session volume of 4,709,806 shares. The stock had previously closed at $4.11.

Analyst Ratings Changes

Separately, Royal Bank of Canada restated a “sector perform” rating and issued a $6.00 target price on shares of Clarivate in a research note on Thursday, February 20th.

Clarivate Price Performance

The company has a market capitalization of $3.01 billion, a P/E ratio of -4.54 and a beta of 1.28. The company’s 50-day simple moving average is $4.98 and its 200 day simple moving average is $5.70. The company has a quick ratio of 0.88, a current ratio of 0.87 and a debt-to-equity ratio of 0.88.

Clarivate announced that its board has authorized a stock buyback program on Monday, December 16th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 12.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Clarivate

Several large investors have recently modified their holdings of CLVT. GAMMA Investing LLC boosted its holdings in 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 purchasing an additional 3,245 shares during the period. RPO LLC bought a new stake in shares of Clarivate in the fourth quarter valued at about $55,000. Schonfeld Strategic Advisors LLC acquired a new stake in Clarivate during the fourth quarter worth about $56,000. Kathmere Capital Management LLC acquired a new stake in Clarivate during the fourth quarter worth about $58,000. Finally, Truist Financial Corp increased its stake in Clarivate by 27.3% during the fourth quarter. Truist Financial Corp now owns 14,000 shares of the company’s stock valued at $71,000 after acquiring an additional 3,000 shares during the period. 85.72% of the stock is owned by institutional investors.

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.