Clarivate (NYSE:CLVT) Hits New 1-Year Low – Here’s What Happened

Shares of Clarivate Plc (NYSE:CLVT) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $3.09 and last traded at $3.13, with a volume of 248973 shares changing hands. The stock had previously closed at $3.40.

Analysts Set New Price Targets

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

Clarivate Stock Down 2.1 %

The company has a current ratio of 0.87, a quick ratio of 0.88 and a debt-to-equity ratio of 0.88. The stock’s fifty day moving average is $4.53 and its 200 day moving average is $5.31. The company has a market capitalization of $2.29 billion, a P/E ratio of -3.46 and a beta of 1.48.

Clarivate announced that its board has authorized a stock 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 buy up to 12.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Clarivate

Institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in Clarivate by 53.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,776,892 shares of the company’s stock valued at $141,107,000 after buying an additional 9,691,104 shares during the period. Norges Bank purchased a new stake in shares of Clarivate in the fourth quarter worth $27,764,000. Clarkston Capital Partners LLC raised its position in shares of Clarivate by 8.1% in the 4th quarter. Clarkston Capital Partners LLC now owns 70,733,831 shares of the company’s stock worth $359,328,000 after purchasing an additional 5,319,535 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Clarivate during the 4th quarter valued at about $19,172,000. Finally, Atairos Partners GP Inc. bought a new position in shares of Clarivate in the fourth quarter worth approximately $17,602,000. 85.72% of the stock is owned by institutional investors.

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.