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

StockNews.com cut shares of Clearfield (NASDAQ:CLFD) from a hold rating to a sell rating in a report published on Wednesday morning.

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

Clearfield Trading Up 0.3 %

NASDAQ:CLFD opened at $36.43 on Wednesday. Clearfield has a one year low of $22.91 and a one year high of $44.83. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.73 and a current ratio of 8.38. The firm has a market cap of $518.51 million, a P/E ratio of -145.72 and a beta of 1.34. The firm has a 50-day simple moving average of $37.72 and a 200-day simple moving average of $37.18.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) EPS 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 analyst estimates of $42.13 million. During the same quarter in the previous year, the business posted $0.33 EPS. The company’s quarterly revenue was down 20.4% compared to the same quarter last year. Equities analysts anticipate that Clearfield will post -0.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other Clearfield news, Director Walter Louis Jones, Jr. acquired 1,324 shares of the company’s stock in a transaction dated 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 acquisition, the director now directly owns 6,061 shares of the company’s stock, valued at approximately $228,923.97. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 16.00% of the stock is owned by insiders.

Institutional Trading of Clearfield

Several large investors have recently made changes to their positions in the business. Redwood Wealth Management Group LLC acquired a new position in shares of Clearfield in the 2nd quarter valued at $75,000. Canada Pension Plan Investment Board acquired a new position in shares of Clearfield in the 2nd quarter valued at $85,000. SG Americas Securities LLC acquired a new position in shares of Clearfield in the 2nd quarter valued at $130,000. Squarepoint Ops LLC acquired a new position in shares of Clearfield in the 2nd quarter valued at $217,000. Finally, Moody National Bank Trust Division acquired a new position in shares of Clearfield in the 2nd quarter valued at $252,000. 88.73% of the stock is 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.