Clarivate (NYSE:CLVT) Shares Gap Up – Should You Buy?

Shares of Clarivate Plc (NYSE:CLVT) 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 changing hands.

Analyst Ratings Changes

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

Clarivate Price Performance

The company has a market cap of $2.98 billion, a PE ratio of -4.48 and a beta of 1.28. The business’s 50 day moving average price is $4.84 and its 200-day moving average price is $5.55. 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 initiated a share repurchase plan 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 stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Clarivate

A number of hedge funds have recently made changes to their positions in CLVT. Price T Rowe Associates Inc. MD raised its stake in shares of Clarivate by 53.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,776,892 shares of the company’s stock valued at $141,107,000 after purchasing an additional 9,691,104 shares during the period. Norges Bank purchased a new stake in shares of Clarivate during the fourth quarter valued at approximately $27,764,000. Clarkston Capital Partners LLC raised its stake in shares of Clarivate by 8.1% during the fourth quarter. Clarkston Capital Partners LLC now owns 70,733,831 shares of the company’s stock valued at $359,328,000 after purchasing an additional 5,319,535 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Clarivate during the fourth quarter valued at approximately $19,172,000. Finally, Atairos Partners GP Inc. purchased a new stake in shares of Clarivate during the fourth quarter valued at approximately $17,602,000. Hedge funds and other institutional investors 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.