Clarivate (NYSE:CLVT) Shares Gap Up - Here's Why

Key Points

• Clarivate's share price opened at $4.72 after gapping up from a previous close of $4.23, with a last trade at $4.01 and a trading volume of 1,354,452 shares.
• Several analysts have rated Clarivate with a consensus of "Hold" and a target price of $4.83, although one analyst has assigned a sell rating.
• Insider James Gordon Samson sold 100,000 shares of Clarivate at an average price of $4.53, decreasing his ownership by 7.29%.

Shares of Clarivate PLC (NYSE:CLVT - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $4.23, but opened at $4.72. Clarivate shares last traded at $4.01, with a volume of 1,354,452 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wall Street Zen downgraded Clarivate from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Jefferies Financial Group assumed coverage on Clarivate in a research report on Friday, July 18th. They set a "hold" rating and a $4.50 target price for the company. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company's stock. According to data from MarketBeat, Clarivate has an average rating of "Hold" and an average price target of $4.83.

Clarivate Trading Down 6.0%

The company has a debt-to-equity ratio of 0.90, a current ratio of 0.91 and a quick ratio of 0.88. The business has a 50 day moving average of $4.27 and a 200 day moving average of $4.30. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of -5.84 and a beta of 1.40.

Clarivate (NYSE:CLVT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.18 EPS for the quarter, hitting analysts' consensus estimates of $0.18. Clarivate had a positive return on equity of 8.65% and a negative net margin of 17.33%. The business had revenue of $621.40 million during the quarter, compared to analysts' expectations of $587.17 million. During the same period in the previous year, the firm earned $0.20 earnings per share. The firm's quarterly revenue was down 4.4% compared to the same quarter last year. As a group, research analysts predict that Clarivate PLC will post 0.63 earnings per share for the current fiscal year.

Insider Activity at Clarivate

In related news, insider James Gordon Samson sold 100,000 shares of Clarivate stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $4.53, for a total transaction of $453,000.00. Following the completion of the sale, the insider directly owned 1,271,103 shares of the company's stock, valued at $5,758,096.59. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 23.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. bought a new position in Clarivate during the first quarter worth about $30,000. Millstone Evans Group LLC lifted its holdings in shares of Clarivate by 156.6% in the first quarter. Millstone Evans Group LLC now owns 7,545 shares of the company's stock valued at $30,000 after purchasing an additional 4,605 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of Clarivate by 688.8% in the second quarter. Parallel Advisors LLC now owns 8,196 shares of the company's stock valued at $35,000 after purchasing an additional 7,157 shares in the last quarter. MQS Management LLC bought a new stake in shares of Clarivate in the first quarter valued at about $44,000. Finally, Essex Financial Services Inc. bought a new stake in shares of Clarivate in the first quarter valued at about $45,000. 85.72% of the stock is currently 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.