Clarivate Plc (NYSE:CLVT - Get Free Report) shares were up 4.7% during trading on Thursday . The stock traded as high as $4.29 and last traded at $4.31. Approximately 948,559 shares traded hands during trading, a decline of 80% from the average daily volume of 4,709,806 shares. The stock had previously closed at $4.11.
Wall Street Analysts Forecast Growth
Separately, Royal Bank of Canada reiterated a "sector perform" rating and set a $6.00 price objective on shares of Clarivate in a report on Thursday, February 20th.
Read Our Latest Research Report on CLVT
Clarivate Stock Performance
The firm has a fifty day moving average price of $4.97 and a 200 day moving average price of $5.68. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.88 and a current ratio of 0.87. The stock has a market cap of $3.01 billion, a PE ratio of -4.54 and a beta of 1.28.
Clarivate declared that its Board of Directors has initiated a share buyback program on Monday, December 16th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 12.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.
Hedge Funds Weigh In On Clarivate
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in Clarivate by 161.4% in the 4th quarter. GAMMA Investing LLC now owns 5,256 shares of the company's stock worth $27,000 after acquiring an additional 3,245 shares during the last quarter. RPO LLC purchased a new position in Clarivate in the 4th quarter worth $55,000. Schonfeld Strategic Advisors LLC purchased a new position in Clarivate in the 4th quarter worth $56,000. Kathmere Capital Management LLC purchased a new position in Clarivate in the 4th quarter worth $58,000. Finally, Truist Financial Corp raised its stake in Clarivate by 27.3% in the 4th quarter. Truist Financial Corp now owns 14,000 shares of the company's stock worth $71,000 after acquiring an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 85.72% of the company's stock.
Clarivate Company Profile
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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.
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