Clarivate (NYSE:CLVT) Shares Down 14.6% – Should You Sell?

Shares of Clarivate Plc (NYSE:CLVT) dropped 14.6% during mid-day trading on Thursday . The stock traded as low as $3.08 and last traded at $3.07. 3,093,033 shares traded hands during trading, a decline of 49% from the average daily volume of 6,031,397 shares. The stock had previously closed at $3.59.

Analyst Ratings Changes

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 Stock Performance

The company has a current ratio of 0.87, a quick ratio of 0.88 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of -3.42 and a beta of 1.48. The firm’s fifty day moving average price is $4.23 and its 200 day moving average price is $5.16.

Clarivate declared that its board has approved a stock repurchase program on Monday, December 16th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 12.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Clarivate

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its position in Clarivate by 161.4% in the 4th quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock valued at $27,000 after buying an additional 3,245 shares during the period. RPO LLC purchased a new position in Clarivate in the fourth quarter valued at $55,000. Schonfeld Strategic Advisors LLC acquired a new position in Clarivate during the 4th quarter worth $56,000. Kathmere Capital Management LLC acquired a new position in Clarivate during the 4th quarter worth $58,000. Finally, Truist Financial Corp increased its holdings in Clarivate by 27.3% during the 4th quarter. Truist Financial Corp now owns 14,000 shares of the company’s stock worth $71,000 after purchasing an additional 3,000 shares during the period. 85.72% of the stock is currently owned by hedge funds and other institutional investors.

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.