Clarivate (NYSE:CLVT) Trading 4.5% Higher – Here’s Why

Clarivate PLC (NYSE:CLVT)’s share price traded up 4.5% during mid-day trading on Tuesday . The stock traded as high as $2.37 and last traded at $2.4150. 1,597,471 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 8,078,028 shares. The stock had previously closed at $2.31.

Analyst Ratings Changes

Several brokerages recently issued reports on CLVT. The Goldman Sachs Group lowered Clarivate from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $4.20 to $3.60 in a research report on Thursday, January 8th. Royal Bank Of Canada reduced their price target on shares of Clarivate from $5.00 to $3.00 and set a “sector perform” rating for the company in a report on Wednesday, February 25th. Barclays lowered their price objective on shares of Clarivate from $4.00 to $2.40 and set an “underweight” rating for the company in a research report on Wednesday, February 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a research report on Monday, December 29th. Finally, Citigroup lowered their target price on Clarivate from $4.25 to $2.80 and set a “neutral” rating for the company in a report on Wednesday. Five research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $3.22.

Clarivate Trading Up 2.4%

The company has a debt-to-equity ratio of 0.89, a current ratio of 0.84 and a quick ratio of 0.84. The business’s 50-day moving average is $2.67 and its two-hundred day moving average is $3.40. The firm has a market cap of $1.62 billion, a P/E ratio of -8.43 and a beta of 1.55.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CLVT. Royal Bank of Canada boosted its holdings in shares of Clarivate by 96.2% in the 1st quarter. Royal Bank of Canada now owns 63,630 shares of the company’s stock valued at $250,000 after buying an additional 31,197 shares during the last quarter. AQR Capital Management LLC raised its position in Clarivate by 37.0% during the first quarter. AQR Capital Management LLC now owns 451,872 shares of the company’s stock worth $1,749,000 after acquiring an additional 122,099 shares in the last quarter. Millennium Management LLC lifted its stake in Clarivate by 1,420.4% in the first quarter. Millennium Management LLC now owns 1,188,978 shares of the company’s stock valued at $4,673,000 after acquiring an additional 1,110,774 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Clarivate by 15.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 616,250 shares of the company’s stock valued at $2,422,000 after acquiring an additional 82,768 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Clarivate by 13.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,243,683 shares of the company’s stock valued at $4,888,000 after acquiring an additional 144,462 shares during the period. Institutional investors and hedge funds own 85.72% of the company’s stock.

Clarivate Company Profile

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.