Clarivate (NYSE:CLVT) Shares Gap Up – Here’s What Happened

Clarivate Plc (NYSE:CLVT)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $4.13, but opened at $4.26. Clarivate shares last traded at $4.31, with a volume of 161,590 shares.

Analysts Set New Price Targets

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

Clarivate Stock Up 5.4 %

The company has a quick ratio of 0.88, a current ratio of 0.87 and a debt-to-equity ratio of 0.88. The business has a 50-day moving average price of $4.87 and a 200-day moving average price of $5.59. The firm has a market capitalization of $3.01 billion, a PE ratio of -4.54 and a beta of 1.28.

Clarivate announced that its board has initiated a share repurchase plan on Monday, December 16th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 12.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Clarivate

A number of large investors have recently made changes to their positions in CLVT. GAMMA Investing LLC grew its position in shares of Clarivate by 161.4% in the fourth 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 in the last quarter. RPO LLC purchased a new position in Clarivate in the fourth quarter worth approximately $55,000. Schonfeld Strategic Advisors LLC purchased a new position in Clarivate in the fourth quarter worth approximately $56,000. Kathmere Capital Management LLC purchased a new position in Clarivate in the fourth quarter worth approximately $58,000. Finally, Truist Financial Corp grew its position in Clarivate by 27.3% in the fourth 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 period. 85.72% of the stock is currently owned by hedge funds and other institutional investors.

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.