Clarivate (NYSE:CLVT) Shares Up 3.7% – Here’s What Happened

Shares of Clarivate PLC (NYSE:CLVT) traded up 3.7% on Friday . The stock traded as high as $3.53 and last traded at $3.5350. 1,957,545 shares were traded during trading, a decline of 62% from the average session volume of 5,202,173 shares. The stock had previously closed at $3.41.

Analysts Set New Price Targets

CLVT has been the topic of several recent research reports. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price objective (down from $5.00) on shares of Clarivate in a report on Wednesday, December 17th. The Goldman Sachs Group set a $4.20 price target on shares of Clarivate in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a report on Monday, December 22nd. Wall Street Zen cut shares of Clarivate from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Wolfe Research started coverage on Clarivate in a research report on Wednesday, September 3rd. They set a “peer perform” rating on the stock. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $4.43.

Clarivate Stock Up 3.1%

The stock’s fifty day moving average is $3.53 and its two-hundred day moving average is $3.93. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.90. The firm has a market cap of $2.32 billion, a P/E ratio of -6.17 and a beta of 1.51.

Insider Activity at Clarivate

In related news, insider Bar Veinstein sold 309,902 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $3.74, for a total transaction of $1,159,033.48. Following the completion of the transaction, the insider directly owned 848,811 shares in the company, valued at $3,174,553.14. The trade was a 26.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew Miles Snyder purchased 1,460,000 shares of the stock in a transaction on Friday, October 31st. The stock was acquired at an average cost of $3.33 per share, for a total transaction of $4,861,800.00. Following the acquisition, the director owned 2,247,510 shares in the company, valued at approximately $7,484,208.30. This represents a 185.39% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders acquired 2,285,000 shares of company stock valued at $7,688,800. Company insiders own 23.18% of the company’s stock.

Institutional Investors Weigh In On Clarivate

Hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC grew its stake in Clarivate by 688.8% in the 2nd quarter. Parallel Advisors LLC now owns 8,196 shares of the company’s stock worth $35,000 after buying an additional 7,157 shares in the last quarter. Essex Financial Services Inc. purchased a new position in Clarivate in the third quarter worth $41,000. PharVision Advisers LLC bought a new position in Clarivate in the third quarter valued at $45,000. Ground Swell Capital LLC purchased a new stake in Clarivate during the third quarter valued at about $47,000. Finally, 111 Capital bought a new stake in Clarivate during the third quarter worth about $48,000. 85.72% of the stock is currently owned by institutional investors.

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.