Clarivate (NYSE:CLVT) Hits New 52-Week Low – Here’s Why

Shares of Clarivate Plc (NYSE:CLVT) 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 trading hands. The stock had previously closed at $4.08.

Wall Street Analysts Forecast Growth

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

Clarivate Stock Down 3.1 %

The stock has a market cap of $2.73 billion, a P/E ratio of -4.13 and a beta of 1.28. The firm has a 50 day simple moving average of $4.71 and a 200-day simple moving average of $5.44. The company has a quick ratio of 0.88, a current ratio of 0.87 and a debt-to-equity ratio of 0.88.

Clarivate announced that its board has authorized a share repurchase plan on Monday, December 16th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 12.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Clarivate

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its holdings 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 during the last quarter. RPO LLC bought a new stake in shares of Clarivate during the 4th quarter worth about $55,000. Schonfeld Strategic Advisors LLC acquired a new position in Clarivate in the 4th quarter valued at about $56,000. Kathmere Capital Management LLC bought a new position in Clarivate in the 4th quarter valued at about $58,000. Finally, Truist Financial Corp lifted its position in Clarivate by 27.3% during 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 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.