Clarivate (NYSE:CLVT) Shares Down 5.5% – Time to Sell?

Clarivate Plc (NYSE:CLVT)’s share price fell 5.5% during trading on Friday . The stock traded as low as $4.09 and last traded at $4.05. 466,939 shares were traded during mid-day trading, a decline of 90% from the average session volume of 4,779,508 shares. The stock had previously closed at $4.28.

Wall Street Analysts Forecast Growth

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

Clarivate Trading Down 4.6 %

The company has a 50 day moving average price of $4.81 and a 200 day moving average price of $5.53. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -4.24 and a beta of 1.28. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.88 and a current ratio of 0.87.

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

Hedge Funds Weigh In On Clarivate

Several hedge funds have recently bought and sold shares of CLVT. GAMMA Investing LLC lifted its stake in Clarivate by 161.4% during 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 in the last quarter. RPO LLC acquired a new stake in Clarivate in the 4th quarter valued at about $55,000. Schonfeld Strategic Advisors LLC acquired a new stake in Clarivate in the 4th quarter valued at about $56,000. Kathmere Capital Management LLC acquired a new stake in Clarivate in the 4th quarter valued at about $58,000. Finally, Truist Financial Corp raised its position in Clarivate by 27.3% in the 4th 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 in the last quarter. Institutional investors and hedge funds own 85.72% of the company’s stock.

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.