Clarivate (NYSE:CLVT) Trading 5% Higher – Still a Buy?

Clarivate Plc (NYSE:CLVT)’s share price traded up 5% during mid-day trading on Wednesday . The company traded as high as $4.49 and last traded at $4.53. 282,579 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 5,643,958 shares. The stock had previously closed at $4.31.

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 report on Thursday, February 20th.

Clarivate Trading Up 2.4 %

The company has a quick ratio of 0.88, a current ratio of 0.87 and a debt-to-equity ratio of 0.88. The firm’s 50 day simple moving average is $4.84 and its 200-day simple moving average is $5.55. The company has a market capitalization of $3.05 billion, a PE ratio of -4.61 and a beta of 1.28.

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

Institutional Investors Weigh In On Clarivate

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