Clarivate (NYSE:CLVT) Director Kenneth Cornick Buys 250,000 Shares of Stock

Key Points

• Clarivate director Kenneth Cornick bought 250,000 shares at an average price of $1.85, investing $462,500 and increasing his direct ownership by 14.29% to 2 million shares.
• Clarivate’s shares recently traded at $1.90, near the company’s 52-week low of $1.66. The company beat quarterly EPS estimates but reported a 5.5% year-over-year revenue decline and a negative net margin.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and a $3.02 price target. Institutional investors own 85.72% of the company’s stock.

Clarivate PLC (NYSE:CLVT - Get Free Report) Director Kenneth Cornick purchased 250,000 shares of the company's stock in a transaction on Friday, August 7th. The stock was acquired at an average price of $1.85 per share, with a total value of $462,500.00. Following the completion of the purchase, the director directly owned 2,000,000 shares in the company, valued at $3,700,000. This trade represents a 14.29% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Clarivate Price Performance

Shares of Clarivate stock traded up $0.08 on Monday, hitting $1.90. 4,527,465 shares of the company traded hands, compared to its average volume of 6,792,856. Clarivate PLC has a 52 week low of $1.66 and a 52 week high of $4.55. The business has a 50-day simple moving average of $2.21 and a 200 day simple moving average of $2.37. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market capitalization of $1.22 billion, a P/E ratio of -3.65 and a beta of 1.40.

Clarivate (NYSE:CLVT - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. The firm had revenue of $587.30 million during the quarter, compared to analyst estimates of $589.73 million. Clarivate had a negative net margin of 13.84% and a positive return on equity of 9.15%. Clarivate's revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 earnings per share. Research analysts expect that Clarivate PLC will post 0.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CLVT has been the subject of a number of research analyst reports. Weiss Ratings restated a "sell (e+)" rating on shares of Clarivate in a research report on Wednesday, June 24th. Barclays cut their price target on Clarivate from $2.50 to $2.00 and set an "underweight" rating for the company in a report on Thursday, July 30th. Stifel Nicolaus reduced their price objective on Clarivate from $6.00 to $5.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. The Goldman Sachs Group decreased their price objective on Clarivate from $2.90 to $2.60 and set a "neutral" rating on the stock in a report on Thursday, July 30th. Finally, Citigroup lowered their target price on Clarivate from $2.80 to $2.50 and set a "neutral" rating for the company in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Clarivate currently has a consensus rating of "Reduce" and a consensus price target of $3.02.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Atairos Partners GP Inc. increased its stake in Clarivate by 195.3% in the fourth quarter. Atairos Partners GP Inc. now owns 10,232,667 shares of the company's stock worth $34,177,000 after purchasing an additional 6,767,667 shares during the period. First Trust Advisors LP bought a new stake in shares of Clarivate during the fourth quarter worth $16,721,000. Balyasny Asset Management L.P. boosted its stake in shares of Clarivate by 827.6% during the third quarter. Balyasny Asset Management L.P. now owns 4,882,593 shares of the company's stock valued at $18,700,000 after purchasing an additional 4,356,232 shares during the period. Bank of America Corp DE boosted its stake in shares of Clarivate by 506.9% during the second quarter. Bank of America Corp DE now owns 2,870,668 shares of the company's stock valued at $12,344,000 after purchasing an additional 2,397,670 shares during the period. Finally, Man Group plc grew its holdings in shares of Clarivate by 228.1% in the second quarter. Man Group plc now owns 3,091,139 shares of the company's stock worth $13,292,000 after purchasing an additional 2,148,943 shares during the last quarter. Institutional investors own 85.72% of the company's stock.

Clarivate Company Profile

Clarivate plc is a global information and analytics company that provides insights and workflow solutions to accelerate the pace of innovation. The company delivers proprietary data, analytics, and expertise to support research and development in the life sciences, intellectual property management, academic institutions, government agencies, and corporations. Its core offerings include citation and patent databases, drug pipeline analytics, trademark research tools, regulatory compliance solutions, and market intelligence platforms.

Originally part of Thomson Reuters' Intellectual Property & Science division, Clarivate was established as an independent entity in 2016 following a spin-off transaction.

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