Clearline Capital LP Boosts Stock Holdings in Clarivate Plc (NYSE:CLVT)

Clearline Capital LP raised its stake in Clarivate Plc (NYSE:CLVT) by 7.6% during the third quarter, HoldingsChannel.com reports. The fund owned 2,247,322 shares of the company’s stock after purchasing an additional 158,900 shares during the quarter. Clarivate comprises approximately 0.7% of Clearline Capital LP’s holdings, making the stock its 22nd biggest position. Clearline Capital LP’s holdings in Clarivate were worth $15,956,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of CLVT. Nisa Investment Advisors LLC bought a new stake in shares of Clarivate in the second quarter worth about $26,000. KBC Group NV increased its stake in Clarivate by 33.2% in the 3rd quarter. KBC Group NV now owns 10,225 shares of the company’s stock worth $73,000 after acquiring an additional 2,549 shares during the last quarter. Truist Financial Corp purchased a new stake in shares of Clarivate during the 2nd quarter worth approximately $63,000. Forum Financial Management LP bought a new position in shares of Clarivate during the 2nd quarter valued at approximately $75,000. Finally, Pitcairn Co. purchased a new position in shares of Clarivate in the third quarter valued at $100,000. Hedge funds and other institutional investors own 85.72% of the company’s stock.

Clarivate Trading Down 0.5 %

CLVT opened at $5.73 on Monday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.88 and a current ratio of 0.88. The stock’s 50 day moving average price is $6.08 and its 200-day moving average price is $6.10. Clarivate Plc has a one year low of $4.25 and a one year high of $9.60. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of -2.88 and a beta of 1.18.

Clarivate (NYSE:CLVT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.19 EPS for the quarter, meeting the consensus estimate of $0.19. Clarivate had a positive return on equity of 9.69% and a negative net margin of 50.00%. The company had revenue of $622.20 million for the quarter, compared to the consensus estimate of $640.81 million. During the same quarter in the prior year, the company posted $0.18 EPS. Clarivate’s quarterly revenue was down 3.9% on a year-over-year basis. On average, equities analysts forecast that Clarivate Plc will post 0.63 EPS for the current year.

Insider Buying and Selling

In other Clarivate news, insider Bar Veinstein sold 60,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $7.00, for a total value of $420,000.00. Following the completion of the sale, the insider now directly owns 916,583 shares in the company, valued at approximately $6,416,081. This represents a 6.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Angelakis purchased 765,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were purchased at an average cost of $5.19 per share, for a total transaction of $3,970,350.00. Following the transaction, the director now directly owns 3,465,000 shares in the company, valued at approximately $17,983,350. This represents a 28.33 % increase in their position. The disclosure for this purchase can be found here. 22.77% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CLVT. William Blair downgraded shares of Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Royal Bank of Canada decreased their target price on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 7th. Finally, Barclays dropped their price target on Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.25.

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.