5 Best NYSE Penny Stocks to Buy According to Hedge Funds

2. Clarivate PLC (NYSE:CLVT)

Clarivate PLC (NYSE:CLVT) is one of the 15 best NYSE penny stocks to buy according to hedge funds.

On July 6, Clarivate PLC (NYSE:CLVT) disclosed that it signed a definitive agreement to sell its Life Sciences & Healthcare segment to Altaris for a consideration of around $600 million. Upon completion of this divestment, the company will become a subscription-first worldwide provider of technology-enabled services, intelligence solutions, and workflow software.

The company plans to use the cash proceeds to reduce its existing debt. The payment structure comprises $500 million in cash payment, issuance of a $75 million seller note, and the remaining $25 million in deferred cash that will be linked with an agreement around transition services.

Back on June 15, Clarivate PLC (NYSE:CLVT) announced that the company’s IPfolio Management Software has been chosen by Mitsubishi Fuso Truck and Bus Corporation as its intellectual property management solution. With highly integrated solutions, trusted data, and expert assistance, all in one platform, Mitsubishi Fuso now has access to an advanced platform for managing intellectual property. This will help them achieve enhanced decision-making and operational confidence.

On July 7, Manav Patnaik from Barclays increased his target price for the stock from $2.40 to $2.50, leading to a revised upside of more than 14%. However, the analyst reaffirmed his Underweight rating on the stock.

Clarivate PLC (NYSE:CLVT) offers information services worldwide. It provides scientific and academic solutions for studies. These include databases, video-format dissertations, and more. It also provides administrative services such as Derwent Innovation and AI-powered search.

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