Clarivate (NYSE:CLVT) Shares Gap Up Following 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 traded.

Specifically, Director Michael J. Angelakis acquired 765,000 shares of Clarivate stock in a transaction dated Friday, November 22nd. The stock was purchased at an average cost of $5.19 per share, with a total value of $3,970,350.00. Following the completion of the purchase, the director now directly owns 3,465,000 shares in the company, valued at approximately $17,983,350. This trade represents a 28.33 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 cost of $5.11 per share, with a total value of $7,665,000.00. Following the completion of the acquisition, the director now owns 1,500,000 shares in the company, valued at approximately $7,665,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Ratings Changes

A number of analysts have issued reports on the company. William Blair downgraded Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Barclays decreased their price target on shares of Clarivate from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Thursday, November 7th. Finally, Royal Bank of Canada dropped their price objective on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating for the company in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $7.25.

Clarivate Price Performance

The firm has a market cap of $3.97 billion, a P/E ratio of -2.80 and a beta of 1.18. 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’s 50-day simple moving average is $6.17 and its two-hundred day simple moving average is $6.11.

Clarivate (NYSE:CLVT) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.19 earnings per share 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%. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 EPS. Equities research analysts forecast that Clarivate Plc will post 0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Clarivate

Hedge funds have recently bought and sold shares of the business. Nisa Investment Advisors LLC bought a new stake in shares of Clarivate during the second quarter worth $26,000. Truist Financial Corp bought a new position in Clarivate in the 2nd quarter worth about $63,000. KBC Group NV increased its position in shares of Clarivate by 33.2% during the third quarter. KBC Group NV now owns 10,225 shares of the company’s stock worth $73,000 after acquiring an additional 2,549 shares during the period. Forum Financial Management LP bought a new stake in shares of Clarivate during the second quarter valued at approximately $75,000. Finally, Headlands Technologies LLC boosted its holdings in shares of 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 during the period. Institutional investors own 85.72% of the company’s stock.

Clarivate Company Profile

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.