Clearfield (NASDAQ:CLFD) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of Clearfield (NASDAQ:CLFD) from a sell rating to a hold rating in a research note released on Tuesday morning.

Other equities analysts 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 price target for the company from $31.00 to $47.00 in a report on Friday, August 2nd. Northland Securities lifted their target price on shares of Clearfield from $40.00 to $45.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Needham & Company LLC reissued a buy rating and issued a $50.00 target price on shares of Clearfield in a report on Tuesday, September 24th. Finally, Roth Mkm dropped their price target on Clearfield from $47.00 to $45.00 and set a buy rating for the company in a report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Clearfield presently has a consensus rating of Moderate Buy and a consensus price target of $46.75.

Clearfield Stock Up 1.4 %

NASDAQ CLFD opened at $36.57 on Tuesday. Clearfield has a 1-year low of $22.91 and a 1-year high of $44.83. The company has a market capitalization of $520.50 million, a price-to-earnings ratio of -146.28 and a beta of 1.34. The stock’s 50 day moving average is $37.91 and its two-hundred day moving average is $36.85. The company has a current ratio of 8.38, a quick ratio of 5.73 and a debt-to-equity ratio of 0.01.

Clearfield (NASDAQ:CLFD) last announced its quarterly earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share for the quarter, beating 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 business’s revenue was down 20.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.33 earnings per share. Equities analysts forecast that Clearfield will post -0.98 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Walter Louis Jones, Jr. acquired 1,324 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average price of $37.77 per share, for a total transaction of $50,007.48. Following the transaction, the director now directly 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 acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 16.00% of the stock is owned by insiders.

Institutional Trading of Clearfield

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Redwood Wealth Management Group LLC acquired a new position in Clearfield during the 2nd quarter valued at about $75,000. Canada Pension Plan Investment Board acquired a new position in Clearfield in the second quarter valued at approximately $85,000. SG Americas Securities LLC bought a new position in Clearfield in the second quarter valued at approximately $130,000. Squarepoint Ops LLC bought a new position in Clearfield in the second quarter valued at approximately $217,000. Finally, Moody National Bank Trust Division acquired a new stake in Clearfield during the 2nd quarter worth $252,000. 88.73% of the stock is currently owned by institutional investors and hedge funds.

Clearfield Company Profile

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.