Kenneth Cornick Acquires 650,000 Shares of Clarivate (NYSE:CLVT) Stock

Key Points

• Clarivate director Kenneth Cornick purchased 650,000 shares at an average price of $1.86, investing approximately $1.21 million and increasing his direct ownership by 59.09% to 1.75 million shares.
• Clarivate shares rose 4.4% to $1.90, but remain near their one-year low and below both the 50-day and 200-day moving averages. The company’s latest quarterly EPS of $0.19 exceeded estimates, while revenue fell 5.5% year over year to $587.3 million.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and a $3.02 target price after several firms cut their price objectives. Institutional investors own approximately 85.72% of the company.

Clarivate PLC (NYSE:CLVT - Get Free Report) Director Kenneth Cornick acquired 650,000 shares of the stock in a transaction on Thursday, August 6th. The stock was bought at an average price of $1.86 per share, with a total value of $1,209,000.00. Following the completion of the acquisition, the director directly owned 1,750,000 shares of the company's stock, valued at $3,255,000. This trade represents a 59.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Clarivate Stock Up 4.4%

Shares of CLVT stock traded up $0.08 during midday trading on Monday, reaching $1.90. 4,527,465 shares of the stock were exchanged, compared to its average volume of 6,792,856. Clarivate PLC has a 1 year low of $1.66 and a 1 year high of $4.55. The company's 50 day moving average is $2.21 and its two-hundred day moving average is $2.37. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.93. The firm has a market cap of $1.22 billion, a PE ratio of -3.65 and a beta of 1.40.

Clarivate (NYSE:CLVT - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $589.73 million. During the same quarter in the prior year, the company earned $0.18 EPS. The business's revenue was down 5.5% compared to the same quarter last year. On average, equities research analysts predict that Clarivate PLC will post 0.67 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CLVT. Parallel Advisors LLC increased its holdings in shares of Clarivate by 94.2% during the first quarter. Parallel Advisors LLC now owns 13,786 shares of the company's stock valued at $35,000 after acquiring an additional 6,687 shares in the last quarter. Amundi raised its holdings in Clarivate by 1,670.2% in the first quarter. Amundi now owns 558,992 shares of the company's stock worth $1,414,000 after buying an additional 527,414 shares during the last quarter. Royal Bank of Canada raised its holdings in Clarivate by 44.8% in the first quarter. Royal Bank of Canada now owns 32,818 shares of the company's stock worth $83,000 after buying an additional 10,149 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Clarivate by 418.6% in the first quarter. Empowered Funds LLC now owns 2,015,829 shares of the company's stock worth $5,100,000 after buying an additional 1,627,159 shares in the last quarter. Finally, FreeGulliver LLC bought a new position in shares of Clarivate in the first quarter worth approximately $30,000. Hedge funds and other institutional investors own 85.72% of the company's stock.

Analysts Set New Price Targets

CLVT has been the subject of several recent research reports. Barclays lowered their price objective on Clarivate from $2.50 to $2.00 and set an "underweight" rating for the company in a research report on Thursday, July 30th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Clarivate in a research note on Wednesday, June 24th. Wall Street Zen cut shares of Clarivate from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Stifel Nicolaus dropped their price objective on shares of Clarivate from $6.00 to $5.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. Finally, The Goldman Sachs Group cut their price objective on shares of Clarivate from $2.90 to $2.60 and set a "neutral" rating on the stock in a report on Thursday, July 30th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Clarivate currently has a consensus rating of "Reduce" and a consensus target price 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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