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

Shares of Clarivate Plc (NYSE:CLVT) gapped up prior to trading on Monday . The stock had previously closed at $4.13, but opened at $4.26. Clarivate shares last traded at $4.31, with a volume of 161,590 shares trading hands.

Analyst Upgrades and Downgrades

Separately, 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, February 20th.

Clarivate Stock Up 5.4 %

The company has a market cap of $3.01 billion, a price-to-earnings ratio of -4.54 and a beta of 1.28. The company has a current ratio of 0.87, a quick ratio of 0.88 and a debt-to-equity ratio of 0.88. The business has a fifty day moving average of $4.87 and a two-hundred day moving average of $5.59.

Clarivate declared that its board has authorized a share repurchase program on Monday, December 16th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 12.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Clarivate

A number of large investors have recently bought and sold shares of the business. KBC Group NV raised its holdings in Clarivate by 33.2% in the 3rd quarter. KBC Group NV now owns 10,225 shares of the company’s stock worth $73,000 after purchasing an additional 2,549 shares during the period. Xponance Inc. increased its stake in Clarivate by 17.3% during the 4th quarter. Xponance Inc. now owns 18,222 shares of the company’s stock worth $93,000 after buying an additional 2,689 shares in the last quarter. Integrated Investment Consultants LLC increased its stake in Clarivate by 2.9% during the 3rd quarter. Integrated Investment Consultants LLC now owns 96,656 shares of the company’s stock worth $686,000 after buying an additional 2,696 shares in the last quarter. OneDigital Investment Advisors LLC increased its stake in Clarivate by 2.3% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 126,773 shares of the company’s stock worth $900,000 after buying an additional 2,865 shares in the last quarter. Finally, Truist Financial Corp increased its stake in Clarivate by 27.3% during the 4th quarter. Truist Financial Corp now owns 14,000 shares of the company’s stock worth $71,000 after buying an additional 3,000 shares in the last quarter. Institutional investors and hedge funds own 85.72% of the company’s stock.

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.