Clearfield (NASDAQ:CLFD) Raised 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.

Several other equities research analysts have also commented on the company. Roth Mkm cut their price objective on Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Northland Securities boosted their target price on Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $50.00 target price on shares of Clearfield in a report on Tuesday, September 24th. Finally, Lake Street Capital upgraded Clearfield from a “hold” rating to a “buy” rating and boosted their target price for the stock from $31.00 to $47.00 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.75.

Clearfield Stock Performance

Shares of CLFD stock opened at $38.03 on Tuesday. The stock has a market cap of $541.28 million, a PE ratio of -152.12 and a beta of 1.34. The business has a 50-day simple moving average of $37.85 and a 200-day simple moving average of $36.91. 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 has a 52-week low of $22.91 and a 52-week high of $44.83.

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

Insiders Place Their Bets

In related news, Director Walter Louis Jones, Jr. acquired 1,324 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average price 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 $228,923.97. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 16.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Clearfield

Large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets boosted its stake in shares of Clearfield by 187.4% during the first quarter. BNP Paribas Financial Markets now owns 11,330 shares of the communications equipment provider’s stock worth $349,000 after buying an additional 7,388 shares during the period. Nordea Investment Management AB boosted its holdings in Clearfield by 172.9% in the 1st quarter. Nordea Investment Management AB now owns 113,904 shares of the communications equipment provider’s stock valued at $3,531,000 after purchasing an additional 72,164 shares in the last quarter. Quantbot Technologies LP boosted its stake in shares of Clearfield by 57.3% during the 1st quarter. Quantbot Technologies LP now owns 11,998 shares of the communications equipment provider’s stock worth $370,000 after acquiring an additional 4,371 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Clearfield by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 1,012,432 shares of the communications equipment provider’s stock worth $31,223,000 after acquiring an additional 14,307 shares in the last quarter. Finally, Teton Advisors Inc. purchased a new stake in shares of Clearfield during the 1st quarter worth approximately $555,000. Hedge funds and other 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.