StockNews.com Downgrades Clearfield (NASDAQ:CLFD) to Sell

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

Other research analysts also recently issued reports about the company. Northland Securities lifted 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 issued a $50.00 target price on shares of Clearfield in a report on Friday, November 8th. Lake Street Capital upgraded 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. Finally, Roth Mkm cut their price target on Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $46.75.

Clearfield Stock Performance

Shares of NASDAQ:CLFD opened at $30.60 on Wednesday. The firm’s 50 day simple moving average is $35.05 and its 200 day simple moving average is $37.37. Clearfield has a fifty-two week low of $24.78 and a fifty-two week high of $44.83. The company has a debt-to-equity ratio of 0.01, a current ratio of 9.43 and a quick ratio of 6.69. The company has a market capitalization of $437.24 million, a price-to-earnings ratio of -36.00 and a beta of 1.35.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.13. Clearfield had a negative net margin of 7.47% and a negative return on equity of 4.41%. The business had revenue of $46.80 million for the quarter, compared to analyst estimates of $41.95 million. During the same quarter last year, the business posted $0.17 EPS. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. As a group, sell-side analysts forecast that Clearfield will post -0.05 earnings per share for the current year.

Hedge Funds Weigh In On Clearfield

Institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC boosted its stake in shares of Clearfield by 8.3% during the 3rd 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 lifted its position in Clearfield by 2.7% during the second quarter. SummerHaven Investment Management LLC now owns 15,503 shares of the communications equipment provider’s stock valued at $598,000 after buying an additional 405 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Clearfield by 7.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,536 shares of the communications equipment provider’s stock valued at $233,000 after buying an additional 510 shares in the last quarter. Creative Planning increased its stake in shares of Clearfield by 0.5% in the 3rd quarter. Creative Planning now owns 98,599 shares of the communications equipment provider’s stock worth $3,841,000 after acquiring an additional 511 shares in the last quarter. Finally, Bard Associates Inc. boosted its stake in Clearfield by 6.5% during the third quarter. Bard Associates Inc. now owns 12,220 shares of the communications equipment provider’s stock worth $476,000 after acquiring an additional 741 shares in the last quarter. Institutional investors own 88.73% of the company’s stock.

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.