Citigroup Lowers Clarivate (NYSE:CLVT) Price Target to $2.80

Clarivate (NYSE:CLVT) had its price target reduced by equities researchers at Citigroup from $4.25 to $2.80 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 8.74% from the stock’s current price.

CLVT has been the topic of a number of other reports. Wall Street Zen cut Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a report on Monday, December 29th. Barclays dropped their price objective on Clarivate from $4.00 to $2.40 and set an “underweight” rating on the stock in a report on Wednesday, February 25th. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 target price (down from $5.00) on shares of Clarivate in a report on Wednesday, December 17th. Finally, The Goldman Sachs Group downgraded shares of Clarivate from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $4.20 to $3.60 in a report on Thursday, January 8th. Five investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Clarivate presently has an average rating of “Reduce” and a consensus target price of $3.22.

Clarivate Stock Performance

Shares of CLVT stock traded up $0.11 during trading hours on Wednesday, hitting $2.58. 3,390,791 shares of the company were exchanged, compared to its average volume of 8,137,398. Clarivate has a 52-week low of $1.66 and a 52-week high of $4.77. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.89. The firm has a fifty day simple moving average of $2.69 and a 200 day simple moving average of $3.40. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of -8.58 and a beta of 1.55.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CLVT. M&T Bank Corp purchased a new position in shares of Clarivate during the fourth quarter valued at approximately $34,000. Essex Financial Services Inc. bought a new position in Clarivate in the 3rd quarter worth $41,000. Jump Financial LLC bought a new stake in shares of Clarivate during the 4th quarter valued at about $41,000. North Dakota State Investment Board purchased a new position in shares of Clarivate during the fourth quarter valued at about $42,000. Finally, Beese Fulmer Investment Management Inc. purchased a new stake in Clarivate in the fourth quarter worth about $44,000. Institutional investors own 85.72% of the company’s stock.

About Clarivate

Clarivate plc is a global information and analytics company that provides insights and workflow solutions to accelerate the pace of innovation. The company delivers proprietary data, analytics, and expertise to support research and development in the life sciences, intellectual property management, academic institutions, government agencies, and corporations. Its core offerings include citation and patent databases, drug pipeline analytics, trademark research tools, regulatory compliance solutions, and market intelligence platforms.

Originally part of Thomson Reuters’ Intellectual Property & Science division, Clarivate was established as an independent entity in 2016 following a spin-off transaction.