Clarivate Plc (NYSE:CLVT) Sees Significant Decline in Short Interest

Clarivate Plc (NYSE:CLVT) saw a large decrease in short interest during 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 daily volume of 5,220,000 shares, the days-to-cover ratio is currently 8.3 days. Approximately 10.4% of the company’s stock are short sold.

Insider Activity at Clarivate

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of Clarivate by 161.4% during the 4th quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock worth $27,000 after buying an additional 3,245 shares in the last quarter. Kathmere Capital Management LLC purchased a new position in Clarivate during the fourth quarter valued at approximately $58,000. Truist Financial Corp bought a new position in Clarivate in the second quarter worth approximately $63,000. KBC Group NV lifted its holdings in 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 buying an additional 2,549 shares during the period. Finally, MQS Management LLC bought a new stake in Clarivate during the 2nd quarter valued at $91,000. 85.72% of the stock is currently owned by hedge funds and other institutional investors.

Clarivate Stock Performance

Shares of NYSE:CLVT traded up $0.01 during midday trading on Monday, hitting $5.10. The company had a trading volume of 2,818,483 shares, compared to its average volume of 2,947,887. The company has a market cap of $3.62 billion, a price-to-earnings ratio of -2.56 and a beta of 1.14. 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 company has a fifty day moving average of $5.19 and a two-hundred day moving average of $5.98. Clarivate has a 12-month low of $4.25 and a 12-month high of $9.60.

Clarivate (NYSE:CLVT) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.19 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.19. The firm had revenue of $622.20 million for the quarter, compared to analysts’ expectations of $640.81 million. Clarivate had a positive return on equity of 9.69% and a negative net margin of 50.00%. The business’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 EPS. On average, equities research analysts expect that Clarivate will post 0.63 EPS for the current fiscal year.

Clarivate announced that its Board of Directors has initiated a share repurchase plan on Monday, December 16th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 12.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

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.