Clarivate (NYSE:CLVT) Stock Price Down 7.7% – Time to Sell?

Clarivate PLC (NYSE:CLVT) was down 7.7% during trading on Thursday. The company traded as low as $1.64 and last traded at $1.6250. Approximately 1,889,026 shares were traded during trading, a decline of 68% from the average session volume of 5,983,443 shares. The stock had previously closed at $1.76.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CLVT. Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a report on Monday, September 21st. Citigroup cut their price objective on shares of Clarivate from $2.80 to $2.50 and set a “neutral” rating on the stock in a report on Thursday, July 30th. The Goldman Sachs Group cut their target price on Clarivate from $2.90 to $2.60 and set a “neutral” rating on the stock in a research report on Thursday, July 30th. William Blair cut Clarivate to a “market perform” rating in a research note on Thursday, October 15th. Finally, Stifel Nicolaus dropped their price objective on shares of Clarivate from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $3.02.

Clarivate Stock Down 6.0%

The company has a market cap of $1.06 billion, a price-to-earnings ratio of -3.18 and a beta of 1.40. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.93. The firm’s fifty day simple moving average is $1.83 and its 200 day simple moving average is $2.25.

Clarivate (NYSE:CLVT) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Clarivate had a positive return on equity of 9.15% and a negative net margin of 13.84%. The business had revenue of $587.30 million for the quarter, compared to analysts’ expectations of $589.73 million. During the same quarter in the prior year, the firm posted $0.18 EPS. The company’s revenue was down 5.5% compared to the same quarter last year. Sell-side analysts predict that Clarivate PLC will post 0.67 earnings per share for the current year.

Insider Activity

In other Clarivate news, Director Kenneth L. Cornick acquired 250,000 shares of the stock in a transaction dated Friday, August 7th. The shares were bought at an average price of $1.85 per share, with a total value of $462,500.00. Following the purchase, the director directly owned 2,000,000 shares of the company’s stock, valued at approximately $3,700,000. This trade represents a 14.29% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew Snyder sold 2,489,618 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $1.94, for a total value of $4,829,858.92. Following the sale, the director directly owned 3,856,597 shares of the company’s stock, valued at $7,481,798.18. This trade represents a 39.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 22.88% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. First Trust Advisors LP grew its holdings in Clarivate by 10.3% during the first quarter. First Trust Advisors LP now owns 5,522,601 shares of the company’s stock worth $13,972,000 after purchasing an additional 516,418 shares during the period. Empowered Funds LLC boosted its stake in Clarivate by 418.6% in the 1st quarter. Empowered Funds LLC now owns 2,015,829 shares of the company’s stock valued at $5,100,000 after purchasing an additional 1,627,159 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Clarivate by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 1,845,148 shares of the company’s stock valued at $4,668,000 after acquiring an additional 24,257 shares during the period. KBC Group NV acquired a new stake in Clarivate during the first quarter worth approximately $4,118,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in Clarivate in the 1st quarter valued at about $3,342,000. Institutional investors and hedge funds own 85.72% of the company’s stock.

About Clarivate

Clarivate Plc (NYSE:CLVT) provides analytics, data, and workflow solutions to organizations in academia, government, research, life sciences, and intellectual property. Its offerings are designed to help customers evaluate research, manage information, accelerate innovation, and support strategic decision-making.

The company’s products include Web of Science research databases and citation analytics, InCites research evaluation tools, Derwent innovation and patent intelligence services, and Cortellis life sciences and drug-development information.