Clarivate (NYSE:CLVT) Sees Unusually-High Trading Volume – Here’s What Happened

Clarivate Plc (NYSE:CLVT) shares saw strong trading volume on Thursday . 4,348,368 shares changed hands during mid-day trading, a decline of 4% from the previous session’s volume of 4,549,830 shares.The stock last traded at $5.76 and had previously closed at $5.75.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CLVT shares. Barclays decreased their target price on shares of Clarivate from $5.00 to $4.00 and set an “underweight” rating on the stock in a research report on Thursday, November 7th. Royal Bank of Canada decreased their target price on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 7th. Finally, William Blair lowered shares of Clarivate from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $7.25.

Clarivate Price Performance

The business’s 50 day moving average is $6.02 and its two-hundred day moving average is $6.09. The firm has a market cap of $4.09 billion, a P/E ratio of -2.89 and a beta of 1.12. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.84.

Clarivate (NYSE:CLVT) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.19 EPS for the quarter, hitting analysts’ consensus estimates of $0.19. The business had revenue of $622.20 million during the quarter, compared to analysts’ expectations of $640.81 million. Clarivate had a negative net margin of 50.00% and a positive return on equity of 9.69%. The business’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period last year, the company posted $0.18 earnings per share. As a group, analysts anticipate that Clarivate Plc will post 0.63 earnings per share for the current year.

Insider Activity

In other news, Director Michael J. Angelakis purchased 1,500,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average cost of $5.11 per share, with a total value of $7,665,000.00. Following the completion of the transaction, the director now directly owns 1,500,000 shares of the company’s stock, valued at approximately $7,665,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bar Veinstein sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $7.00, for a total transaction of $420,000.00. Following the transaction, the insider now directly owns 916,583 shares in the company, valued at $6,416,081. The trade was a 6.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 22.77% of the company’s stock.

Institutional Trading of Clarivate

Several hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in shares of Clarivate in the second quarter valued at approximately $1,410,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Clarivate in the 2nd quarter valued at $2,251,000. Raymond James & Associates boosted its stake in shares of Clarivate by 19.0% in the 2nd quarter. Raymond James & Associates now owns 7,244,790 shares of the company’s stock valued at $41,223,000 after purchasing an additional 1,157,976 shares in the last quarter. Baupost Group LLC MA boosted its stake in shares of Clarivate by 27.2% in the 2nd quarter. Baupost Group LLC MA now owns 38,929,635 shares of the company’s stock valued at $221,510,000 after purchasing an additional 8,331,233 shares in the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of Clarivate by 82.5% in the 3rd quarter. Cerity Partners LLC now owns 202,204 shares of the company’s stock valued at $1,436,000 after purchasing an additional 91,384 shares in the last quarter. Institutional investors own 85.72% of the company’s stock.

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.