Clarivate (NYSE:CLVT) Stock Price Down 14.6% – Here’s Why

Shares of Clarivate Plc (NYSE:CLVT) dropped 14.6% during trading on Thursday . The company traded as low as $3.08 and last traded at $3.07. Approximately 3,093,033 shares changed hands during trading, a decline of 49% from the average daily volume of 6,031,397 shares. The stock had previously closed at $3.59.

Analyst Upgrades and Downgrades

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

Clarivate Price Performance

The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -3.33 and a beta of 1.48. 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 company’s 50 day moving average is $4.31 and its 200 day moving average is $5.21.

Clarivate declared that its Board of Directors has initiated a share repurchase program on Monday, December 16th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 12.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Clarivate

Large investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its holdings in shares of Clarivate by 53.6% in 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 last quarter. Norges Bank purchased a new stake in Clarivate during the 4th quarter valued at approximately $27,764,000. Clarkston Capital Partners LLC lifted its position in Clarivate by 8.1% during the 4th quarter. Clarkston Capital Partners LLC now owns 70,733,831 shares of the company’s stock worth $359,328,000 after acquiring an additional 5,319,535 shares during the period. Raymond James Financial Inc. purchased a new position in Clarivate in the 4th quarter valued at $19,172,000. Finally, Atairos Partners GP Inc. purchased a new position in Clarivate during the 4th quarter worth $17,602,000. Institutional investors and hedge funds 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.