Clarivate (NYSE:CLVT) Hits New 1-Year Low - What's Next?

Clarivate Plc (NYSE:CLVT - Get Free Report) hit a new 52-week low during trading on Wednesday . The company traded as low as $3.92 and last traded at $3.99, with a volume of 953324 shares changing hands. The stock had previously closed at $4.08.

Analyst Ratings Changes

Separately, Royal Bank of Canada restated a "sector perform" rating and set a $6.00 price target on shares of Clarivate in a research report on Thursday, February 20th.

Clarivate Trading Down 3.1 %

The company has a market capitalization of $2.73 billion, a PE ratio of -4.13 and a beta of 1.28. The company has a fifty day simple moving average of $4.68 and a 200-day simple moving average of $5.42. The company has a current ratio of 0.87, a quick ratio of 0.88 and a debt-to-equity ratio of 0.88.

Clarivate announced that its board has initiated a stock buyback program on Monday, December 16th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 12.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Clarivate

Several institutional investors and hedge funds have recently bought and sold shares of the company. Xponance Inc. raised its position in shares of Clarivate by 17.3% during the 4th quarter. Xponance Inc. now owns 18,222 shares of the company's stock valued at $93,000 after buying an additional 2,689 shares during the period. Truist Financial Corp raised its position in Clarivate by 27.3% in the fourth quarter. Truist Financial Corp now owns 14,000 shares of the company's stock valued at $71,000 after purchasing an additional 3,000 shares during the period. GAMMA Investing LLC lifted its stake in shares of Clarivate by 161.4% in the 4th quarter. GAMMA Investing LLC now owns 5,256 shares of the company's stock valued at $27,000 after purchasing an additional 3,245 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Clarivate by 27.4% in the 4th quarter. Deutsche Bank AG now owns 26,217 shares of the company's stock valued at $133,000 after purchasing an additional 5,641 shares during the last quarter. Finally, SkyView Investment Advisors LLC grew its holdings in shares of Clarivate by 3.8% during the 3rd quarter. SkyView Investment Advisors LLC now owns 161,798 shares of the company's stock worth $1,149,000 after purchasing an additional 5,945 shares during the period. 85.72% of the stock is currently owned by institutional investors and hedge funds.

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Clarivate Company Profile

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.