Short Interest in Clarivate Plc (NYSE:CLVT) Declines By 7.1%

Clarivate Plc (NYSE:CLVT) was the recipient of a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 43,170,000 shares, a decrease of 7.1% from the December 15th total of 46,470,000 shares. Based on an average trading volume of 5,220,000 shares, the days-to-cover ratio is currently 8.3 days. Approximately 10.4% of the shares of the company are sold short.

Insider Buying and Selling at Clarivate

In other Clarivate news, Director Michael J. Angelakis acquired 765,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was acquired at an average price of $5.19 per share, for a total transaction of $3,970,350.00. Following the purchase, the director now directly owns 3,465,000 shares of the company’s stock, valued at $17,983,350. This trade represents a 28.33 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 23.14% of the company’s stock.

Institutional Trading of Clarivate

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in shares of Clarivate by 161.4% in the fourth quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock valued at $27,000 after buying an additional 3,245 shares during the period. Kathmere Capital Management LLC bought a new stake in Clarivate during the 4th quarter worth approximately $58,000. Truist Financial Corp acquired a new position in Clarivate in the 2nd quarter valued at approximately $63,000. KBC Group NV raised its stake in shares of Clarivate by 33.2% during the third quarter. KBC Group NV now owns 10,225 shares of the company’s stock valued at $73,000 after acquiring an additional 2,549 shares during the last quarter. Finally, MQS Management LLC bought a new stake in shares of Clarivate in the second quarter worth $91,000. Institutional investors and hedge funds own 85.72% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CLVT. Royal Bank of Canada cut their price target on Clarivate from $7.00 to $6.00 and set a “sector perform” rating for the company in a research note on Thursday, November 7th. Barclays cut their target price on Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Thursday, November 7th. Finally, William Blair cut Clarivate from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $7.10.

Clarivate Price Performance

NYSE CLVT traded up $0.01 on Friday, hitting $5.10. 2,818,483 shares of the company’s stock were exchanged, compared to its average volume of 2,947,887. Clarivate has a 52 week low of $4.25 and a 52 week high of $9.60. The stock has a 50-day moving average of $5.19 and a 200-day moving average of $5.98. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.84. The stock has a market cap of $3.62 billion, a price-to-earnings ratio of -2.56 and a beta of 1.14.

Clarivate (NYSE:CLVT) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.19 earnings per share for the quarter, meeting the consensus estimate of $0.19. The business had revenue of $622.20 million for the quarter, compared to analyst estimates of $640.81 million. Clarivate had a positive return on equity of 9.69% and a negative net margin of 50.00%. Clarivate’s revenue was down 3.9% compared to the same quarter last year. During the same period last year, the firm posted $0.18 earnings per share. Analysts expect that Clarivate will post 0.63 earnings per share for the current year.

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

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.