Clearfield, Inc. (NASDAQ:CLFD) Short Interest Update

Clearfield, Inc. (NASDAQ:CLFD) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 1,520,000 shares, a growth of 6.3% from the August 15th total of 1,430,000 shares. Approximately 12.8% of the company’s shares are sold short. Based on an average daily trading volume, of 122,800 shares, the short-interest ratio is presently 12.4 days.

Insider Buying and Selling at Clearfield

In other Clearfield 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 shares were bought at an average cost of $37.77 per share, with a total value of $50,007.48. Following the completion of the purchase, the director now directly owns 6,061 shares of the company’s stock, valued at $228,923.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 16.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Principal Securities Inc. purchased a new stake in shares of Clearfield in the fourth quarter worth $25,000. Victory Capital Management Inc. increased its stake in Clearfield by 70.4% during the 4th quarter. Victory Capital Management Inc. now owns 2,082 shares of the communications equipment provider’s stock valued at $61,000 after purchasing an additional 860 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new position in Clearfield in the second quarter worth about $75,000. Canada Pension Plan Investment Board bought a new position in shares of Clearfield in the second quarter worth approximately $85,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Clearfield during the second quarter valued at approximately $130,000. Hedge funds and other institutional investors own 88.73% of the company’s stock.

Clearfield Stock Up 0.4 %

Shares of NASDAQ:CLFD traded up $0.15 during midday trading on Tuesday, reaching $39.89. The company’s stock had a trading volume of 107,034 shares, compared to its average volume of 168,595. Clearfield has a 12-month low of $22.91 and a 12-month high of $44.83. The firm has a market capitalization of $567.75 million, a P/E ratio of -161.16 and a beta of 1.34. The firm has a 50 day moving average of $38.96 and a 200-day moving average of $35.65. 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 announced its quarterly earnings data on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $42.13 million. During the same quarter in the prior year, the company earned $0.33 earnings per share. The business’s revenue was down 20.4% compared to the same quarter last year. On average, research analysts anticipate that Clearfield will post -0.98 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on CLFD. StockNews.com upgraded shares of Clearfield to a “sell” rating in a report on Monday, August 5th. Needham & Company LLC lifted their target price on shares of Clearfield from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Lake Street Capital raised shares of Clearfield from a “hold” rating to a “buy” rating and increased their price target for the stock from $31.00 to $47.00 in a research note on Friday, August 2nd. Northland Securities lifted their price objective on Clearfield from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Roth Mkm reduced their target price 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 given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.75.

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.