Clearfield (NASDAQ:CLFD) Share Price Crosses Above 200 Day Moving Average of $35.40

Clearfield, Inc. (NASDAQ:CLFD)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $35.40 and traded as high as $38.18. Clearfield shares last traded at $37.89, with a volume of 92,189 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Needham & Company LLC upped their target price on shares of Clearfield from $42.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. StockNews.com upgraded Clearfield to a “sell” rating in a report on Monday, August 5th. Roth Mkm dropped their target price on Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Northland Securities boosted their target price on Clearfield from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Lake Street Capital raised Clearfield from a “hold” rating to a “buy” rating and upped their price target for the stock from $31.00 to $47.00 in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.75.

Clearfield Stock Performance

The stock has a market capitalization of $544.41 million, a P/E ratio of -153.00 and a beta of 1.34. The stock has a 50 day simple moving average of $38.87 and a two-hundred day simple moving average of $35.44. The company has a quick ratio of 5.73, a current ratio of 8.38 and a debt-to-equity ratio of 0.01.

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

Insider Transactions at Clearfield

In other news, Director Walter Louis Jones, Jr. bought 1,324 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average cost of $37.77 per share, for a total transaction of $50,007.48. Following the purchase, the director now owns 6,061 shares of the company’s stock, valued at approximately $228,923.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 16.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Clearfield

A number of large investors have recently added to or reduced their stakes in CLFD. Creative Planning increased its holdings in shares of Clearfield by 2.5% in the second quarter. Creative Planning now owns 98,088 shares of the communications equipment provider’s stock valued at $3,782,000 after purchasing an additional 2,426 shares during the last quarter. Select Equity Group L.P. bought a new position in Clearfield in the 2nd quarter valued at about $453,000. Squarepoint Ops LLC bought a new position in Clearfield in the 2nd quarter valued at about $217,000. Canada Pension Plan Investment Board acquired a new stake in Clearfield during the second quarter worth approximately $85,000. Finally, Divisadero Street Capital Management LP bought a new stake in shares of Clearfield during the second quarter worth approximately $7,801,000. Institutional investors own 88.73% of the company’s stock.

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.