Empowered Funds LLC Raises Holdings in Clarivate PLC $CLVT

Key Points

• Empowered Funds LLC increased its Clarivate stake by 418.6% in the first quarter, bringing its holdings to 2.02 million shares worth approximately $5.1 million. Institutional investors collectively own 85.72% of the company.
• Clarivate’s latest quarterly results slightly exceeded EPS expectations at $0.19 versus $0.18, but revenue fell 5.5% year over year to $587.3 million, below analyst estimates.
• Analyst sentiment remains cautious: Clarivate has an average “Reduce” rating and a consensus price target of $3.02, with recent target cuts and ratings ranging from buy to sell.

Empowered Funds LLC boosted its position in Clarivate PLC (NYSE:CLVT - Free Report) by 418.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,015,829 shares of the company's stock after purchasing an additional 1,627,159 shares during the quarter. Empowered Funds LLC owned about 0.32% of Clarivate worth $5,100,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FreeGulliver LLC acquired a new stake in Clarivate during the 1st quarter worth $30,000. Renaissance Technologies LLC acquired a new stake in shares of Clarivate in the first quarter valued at about $1,159,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Clarivate in the first quarter valued at about $3,342,000. Sei Investments Co. lifted its stake in shares of Clarivate by 123.7% in the first quarter. Sei Investments Co. now owns 113,332 shares of the company's stock worth $287,000 after buying an additional 62,677 shares in the last quarter. Finally, Lido Advisors LLC purchased a new position in shares of Clarivate in the first quarter worth about $103,000. Hedge funds and other institutional investors own 85.72% of the company's stock.

Clarivate Stock Performance

NYSE CLVT opened at $2.00 on Friday. The stock has a market cap of $1.28 billion, a PE ratio of -3.86 and a beta of 1.38. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.93. Clarivate PLC has a twelve month low of $1.66 and a twelve month high of $4.55. The stock has a fifty day simple moving average of $2.27 and a 200-day simple moving average of $2.42.

Clarivate (NYSE:CLVT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. Clarivate had a positive return on equity of 9.15% and a negative net margin of 13.84%.The firm had revenue of $587.30 million during the quarter, compared to the consensus estimate of $589.73 million. During the same period last year, the company earned $0.18 EPS. The company's quarterly revenue was down 5.5% on a year-over-year basis. Equities analysts anticipate that Clarivate PLC will post 0.65 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on CLVT shares. Citigroup dropped their price objective on shares of Clarivate from $2.80 to $2.50 and set a "neutral" rating for the company in a research note on Thursday. Stifel Nicolaus decreased their target price on shares of Clarivate from $6.00 to $5.00 and set a "buy" rating on the stock in a research note on Thursday. Barclays lowered their target price on Clarivate from $2.50 to $2.00 and set an "underweight" rating on the stock in a report on Thursday. Weiss Ratings restated a "sell (e+)" rating on shares of Clarivate in a research report on Wednesday, June 24th. Finally, Wall Street Zen cut Clarivate from a "buy" rating to a "hold" rating in a report on Saturday. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Clarivate has an average rating of "Reduce" and a consensus price target of $3.02.

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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