Clarivate (NYSE:CLVT) Trading 5% Higher – Time to Buy?

Clarivate Plc (NYSE:CLVT)’s share price was up 5% during mid-day trading on Wednesday . The stock traded as high as $4.49 and last traded at $4.53. Approximately 282,579 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 5,643,958 shares. The stock had previously closed at $4.31.

Analysts Set New Price Targets

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

Clarivate Stock Down 2.2 %

The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of -4.47 and a beta of 1.28. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.87 and a quick ratio of 0.88. The stock has a fifty day moving average of $4.81 and a two-hundred day moving average of $5.53.

Clarivate announced that its Board of Directors has authorized a stock repurchase plan on Monday, December 16th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 12.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Clarivate

A number of hedge funds and other institutional investors have recently made changes to their positions in CLVT. Clarkston Capital Partners LLC increased 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 valued at $359,328,000 after purchasing an additional 5,319,535 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Clarivate by 53.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,776,892 shares of the company’s stock valued at $141,107,000 after purchasing an additional 9,691,104 shares during the last quarter. Thompson Siegel & Walmsley LLC increased its position in shares of Clarivate by 14.4% during the fourth quarter. Thompson Siegel & Walmsley LLC now owns 10,498,588 shares of the company’s stock worth $53,333,000 after buying an additional 1,323,329 shares during the period. Perpetual Ltd raised its stake in Clarivate by 24.6% during the fourth quarter. Perpetual Ltd now owns 9,192,680 shares of the company’s stock worth $46,699,000 after buying an additional 1,816,936 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Clarivate by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 8,750,858 shares of the company’s stock valued at $44,454,000 after buying an additional 538,907 shares during the period. 85.72% of the stock is owned by institutional investors and hedge funds.

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.