Clarivate (NYSE:CLVT) Shares Gap Up After Insider Buying Activity

Shares of Clarivate Plc (NYSE:CLVT) gapped up prior to trading on Monday after an insider bought additional shares in the company. The stock had previously closed at $5.25, but opened at $5.65. Clarivate shares last traded at $5.70, with a volume of 452,552 shares changing hands.

Specifically, Director Michael J. Angelakis acquired 765,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was purchased at an average cost of $5.19 per share, for a total transaction of $3,970,350.00. Following the completion of the transaction, the director now directly owns 3,465,000 shares of the company’s stock, valued at approximately $17,983,350. The trade was a 28.33 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael J. Angelakis acquired 1,500,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average price 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. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

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

Clarivate Price Performance

The company has a debt-to-equity ratio of 0.84, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market cap of $4.08 billion, a price-to-earnings ratio of -2.88 and a beta of 1.18. The business’s 50-day simple moving average is $6.17 and its two-hundred day simple moving average is $6.11.

Clarivate (NYSE:CLVT) last issued 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 company had revenue of $622.20 million for the quarter, compared to analyst estimates of $640.81 million. Clarivate had a negative net margin of 50.00% and a positive return on equity of 9.69%. Clarivate’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.18 earnings per share. Research analysts expect that Clarivate Plc will post 0.63 earnings per share for the current year.

Hedge Funds Weigh In On Clarivate

A number of hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC acquired a new position in Clarivate in the second quarter valued at $26,000. Truist Financial Corp bought a new stake in Clarivate in the second quarter valued at $63,000. KBC Group NV increased its stake in Clarivate by 33.2% in the third quarter. KBC Group NV now owns 10,225 shares of the company’s stock valued at $73,000 after purchasing an additional 2,549 shares in the last quarter. Forum Financial Management LP bought a new stake in Clarivate in the second quarter valued at $75,000. Finally, Headlands Technologies LLC increased its stake in Clarivate by 749.2% in the second quarter. Headlands Technologies LLC now owns 14,632 shares of the company’s stock valued at $83,000 after purchasing an additional 12,909 shares in the last quarter. Institutional investors and hedge funds 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.