Clarivate Plc (NYSE:CLVT – Get Free Report) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 50,490,000 shares, a growth of 15.8% from the August 15th total of 43,610,000 shares. Based on an average daily trading volume, of 6,040,000 shares, the days-to-cover ratio is presently 8.4 days. Currently, 12.2% of the company’s stock are sold short.
Wall Street Analyst Weigh In
A number of research analysts have commented on the stock. Bank of America downgraded shares of Clarivate from a “neutral” rating to an “underperform” rating and cut their target price for the company from $10.00 to $6.00 in a research report on Monday, August 7th. The Goldman Sachs Group reduced their price objective on shares of Clarivate from $11.00 to $9.50 and set a “buy” rating for the company in a research note on Friday, August 4th. Morgan Stanley dropped their target price on Clarivate from $11.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Friday, August 4th. Barclays cut Clarivate from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $8.00 to $7.00 in a research note on Friday, September 8th. Finally, Wells Fargo & Company lowered Clarivate from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $15.00 to $8.00 in a research note on Friday, August 4th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $8.36.
Clarivate Trading Up 0.5 %
Clarivate (NYSE:CLVT – Get Free Report) last released its earnings results on Thursday, August 3rd. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.02. The company had revenue of $668.80 million for the quarter, compared to the consensus estimate of $673.97 million. Clarivate had a negative net margin of 159.90% and a positive return on equity of 9.65%. Clarivate’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.19 EPS. On average, analysts anticipate that Clarivate will post 0.6 EPS for the current year.
Hedge Funds Weigh In On Clarivate
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLVT. US Bancorp DE lifted its stake in Clarivate by 5.6% during the 1st quarter. US Bancorp DE now owns 14,343 shares of the company’s stock valued at $240,000 after acquiring an additional 765 shares during the period. HighTower Advisors LLC boosted its holdings in Clarivate by 19.1% in the first quarter. HighTower Advisors LLC now owns 98,518 shares of the company’s stock valued at $1,656,000 after purchasing an additional 15,785 shares during the last quarter. Private Advisor Group LLC purchased a new stake in Clarivate in the first quarter valued at $191,000. AlphaCrest Capital Management LLC raised its stake in shares of Clarivate by 47.7% during the 1st quarter. AlphaCrest Capital Management LLC now owns 25,536 shares of the company’s stock valued at $428,000 after buying an additional 8,243 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Clarivate in the 1st quarter valued at about $204,000. Hedge funds and other institutional investors own 86.52% of the company’s stock.
Clarivate Plc, an information, analytics, and workflow company, provides structured information and analytics for discovery, development, protection, commercialization, and measurement of scientific research, innovations, and brands. The company operates through three segments: Academia and Government, Life Sciences and Healthcare, and Intellectual Property.
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