Clearfield (NASDAQ:CLFD) Lowered to Sell at StockNews.com

Clearfield (NASDAQ:CLFD) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

Other research analysts have also recently issued reports about the stock. Lake Street Capital raised shares of Clearfield from a “hold” rating to a “buy” rating and lifted their target price for the stock from $31.00 to $47.00 in a report on Friday, August 2nd. Northland Securities boosted their price objective on shares of Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Roth Mkm cut their target price on Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Clearfield in a research note on Tuesday, September 24th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.75.

Clearfield Stock Performance

Clearfield stock opened at $38.61 on Wednesday. Clearfield has a twelve month low of $22.91 and a twelve month high of $44.83. The company has a quick ratio of 5.73, a current ratio of 8.38 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $549.54 million, a P/E ratio of -154.44 and a beta of 1.34. The stock’s 50 day moving average is $37.84 and its 200 day moving average is $37.14.

Clearfield (NASDAQ:CLFD) last released its earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.30. The firm had revenue of $48.79 million for the quarter, compared to analysts’ expectations of $42.13 million. Clearfield had a negative return on equity of 3.06% and a negative net margin of 5.26%. The company’s quarterly revenue was down 20.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 earnings per share. On average, equities research analysts predict that Clearfield will post -0.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Walter Louis Jones, Jr. bought 1,324 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were acquired at an average cost of $37.77 per share, with a total value of $50,007.48. Following the completion of the transaction, the director now owns 6,061 shares of the company’s stock, valued at approximately $228,923.97. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 16.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Clearfield

Several hedge funds and other institutional investors have recently modified their holdings of CLFD. SG Americas Securities LLC lifted its holdings in Clearfield by 8.3% during the third quarter. SG Americas Securities LLC now owns 3,641 shares of the communications equipment provider’s stock valued at $142,000 after purchasing an additional 279 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in Clearfield by 2.7% in the 2nd quarter. SummerHaven Investment Management LLC now owns 15,503 shares of the communications equipment provider’s stock worth $598,000 after buying an additional 405 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Clearfield by 7.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,536 shares of the communications equipment provider’s stock worth $233,000 after buying an additional 510 shares in the last quarter. Creative Planning raised its holdings in Clearfield by 0.5% during the third quarter. Creative Planning now owns 98,599 shares of the communications equipment provider’s stock valued at $3,841,000 after acquiring an additional 511 shares during the period. Finally, Janus Henderson Group PLC lifted its position in shares of Clearfield by 2.3% in the first quarter. Janus Henderson Group PLC now owns 33,941 shares of the communications equipment provider’s stock valued at $1,047,000 after acquiring an additional 777 shares in the last quarter. 88.73% of the stock is currently owned by hedge funds and other institutional investors.

About Clearfield

Clearfield, Inc manufactures and sells various fiber connectivity products in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures; WaveSmart, an optical components integrated for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform; and active cabinet products.