Clarivate (NYSE:CLVT) Shares Gap Up – Should You Buy?

Clarivate Plc (NYSE:CLVT) gapped up before the market opened on Monday . The stock had previously closed at $4.13, but opened at $4.26. Clarivate shares last traded at $4.31, with a volume of 161,590 shares.

Wall Street Analyst Weigh In

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

Clarivate Price Performance

The company’s 50-day moving average is $4.84 and its 200-day moving average is $5.55. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.87 and a quick ratio of 0.88. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of -4.48 and a beta of 1.28.

Clarivate announced that its board has initiated a stock buyback program on Monday, December 16th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 12.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Clarivate

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

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.