Michael J. Angelakis, a director at Clarivate PLC (NYSE:CLVT), has made significant purchases of the company's ordinary shares, according to a recent SEC filing. Over the course of three days, Angelakis acquired a total of 3,165,000 shares, amounting to approximately $17.86 million.
The transactions, which took place from November 20 to November 22, 2024, were executed at prices ranging from $5.11 to $5.19 per share. These purchases were made indirectly, as noted in the filing, with Angelakis controlling a majority of the voting power of Atairos Partners GP, Inc., which is linked to the entities holding the shares.
Following these transactions, Angelakis's indirect ownership in Clarivate increased significantly, reflecting his continued confidence in the company's prospects.
In other recent news, Clarivate has reported its Q3 2024 results and expressed caution regarding its future outlook. The earnings call, steered by Mark Donohue, presented the company's financial performance and issued forward-looking statements. However, Clarivate emphasized that actual results may significantly vary from these projections due to various known and unknown risks and uncertainties. The company did not mention any specific bullish statements or underperformance during the call. It is noteworthy that these are recent developments and investors are advised to review the presentation accompanying the earnings call available on Clarivate's website for more details. In the call, Clarivate did not provide explicit details of any misses in the third quarter. The company reiterated the potential for actual results to differ from expectations due to various risks and uncertainties.
InvestingPro Insights
The recent substantial share purchases by director Michael J. Angelakis align with several key insights from InvestingPro. Clarivate PLC (NYSE:CLVT) has shown a significant return of 21.25% over the last week, which may have influenced Angelakis's decision to increase his stake. This short-term performance is particularly noteworthy given that the stock has faced challenges, falling 18.35% over the past three months.
InvestingPro Tips highlight that Clarivate boasts impressive gross profit margins, which stood at 66.12% for the last twelve months as of Q3 2024. This strong profitability metric could be a factor in Angelakis's bullish stance on the company. Additionally, net income is expected to grow this year, suggesting potential for improved financial performance.
However, investors should note that Clarivate's stock is currently trading at 54.63% of its 52-week high, indicating room for recovery. The company's market capitalization stands at $3.74 billion, with a price-to-book ratio of 0.66, which may suggest the stock is undervalued relative to its assets.
For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Clarivate, providing deeper insights into the company's financial health and market position.
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