Clarivate (NYSE:CLVT) Shares Down 5.5% – Here’s Why

Clarivate Plc (NYSE:CLVT)’s stock price traded down 5.5% during trading on Friday . The stock traded as low as $4.09 and last traded at $4.05. 466,939 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 4,779,508 shares. The stock had previously closed at $4.28.

Analyst Ratings Changes

Separately, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 target price on shares of Clarivate in a research report on Thursday, February 20th.

Clarivate Stock Performance

The company has a market capitalization of $2.83 billion, a PE ratio of -4.28 and a beta of 1.28. The business’s 50-day moving average is $4.79 and its 200-day moving average is $5.51. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.88 and a current ratio of 0.87.

Clarivate declared that its Board of Directors has initiated a share repurchase plan on Monday, December 16th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 12.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its position in Clarivate by 161.4% during the 4th quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock valued at $27,000 after acquiring an additional 3,245 shares during the period. RPO LLC purchased a new position in Clarivate during the 4th quarter valued at about $55,000. Schonfeld Strategic Advisors LLC bought a new stake in Clarivate during the 4th quarter valued at about $56,000. Kathmere Capital Management LLC bought a new position in shares of Clarivate in the fourth quarter worth approximately $58,000. Finally, Truist Financial Corp lifted its stake in shares of Clarivate by 27.3% in the fourth quarter. Truist Financial Corp now owns 14,000 shares of the company’s stock worth $71,000 after buying an additional 3,000 shares in the last quarter. 85.72% of the stock is owned by hedge funds and other institutional investors.

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.