Clarivate (NYSE:CLVT) Sets New 12-Month Low – Here’s What Happened

Clarivate Plc (NYSE:CLVT)’s share price hit a new 52-week low on Tuesday . The stock traded as low as $3.83 and last traded at $3.94, with a volume of 4158824 shares. The stock had previously closed at $3.97.

Wall Street Analysts Forecast Growth

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

Clarivate Stock Performance

The firm’s 50-day moving average price is $4.60 and its 200-day moving average price is $5.36. 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 stock has a market cap of $2.75 billion, a P/E ratio of -4.16 and a beta of 1.28.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Clarivate by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,604,449 shares of the company’s stock worth $32,692,000 after buying an additional 38,355 shares in the last quarter. Cerity Partners LLC increased its stake in Clarivate by 82.5% in the 3rd quarter. Cerity Partners LLC now owns 202,204 shares of the company’s stock worth $1,436,000 after acquiring an additional 91,384 shares during the last quarter. D.A. Davidson & CO. bought a new stake in Clarivate in the 3rd quarter worth approximately $159,000. FMR LLC raised its holdings in shares of Clarivate by 8.6% during the 3rd quarter. FMR LLC now owns 5,088,942 shares of the company’s stock worth $36,131,000 after acquiring an additional 401,920 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Clarivate by 9.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 78,006 shares of the company’s stock valued at $554,000 after acquiring an additional 7,014 shares during the last quarter. Institutional investors own 85.72% of the company’s stock.

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.