Clearfield (NASDAQ:CLFD) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Clearfield (NASDAQ:CLFD) from a sell rating to a hold rating in a report released on Thursday.

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

Clearfield Trading Down 5.6 %

Shares of CLFD traded down $2.06 during mid-day trading on Thursday, reaching $34.74. 336,144 shares of the company were exchanged, compared to its average volume of 155,975. The stock has a market capitalization of $494.70 million, a PE ratio of -55.66 and a beta of 1.35. The business has a 50 day simple moving average of $37.55 and a two-hundred day simple moving average of $37.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.73 and a current ratio of 8.38. Clearfield has a 52 week low of $23.45 and a 52 week high of $44.83.

Clearfield (NASDAQ:CLFD) last issued its earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.13. The business had revenue of $46.80 million during the quarter, compared to the consensus estimate of $41.95 million. Clearfield had a negative return on equity of 3.06% and a negative net margin of 5.26%. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.17 earnings per share. On average, analysts predict that Clearfield will post -0.98 earnings per share for the current fiscal year.

Institutional Trading of Clearfield

Institutional investors have recently added to or reduced their stakes in the stock. Redwood Wealth Management Group LLC purchased a new stake in Clearfield during the 2nd quarter worth about $75,000. Canada Pension Plan Investment Board purchased a new stake in Clearfield during the 2nd quarter worth about $85,000. SG Americas Securities LLC purchased a new stake in shares of Clearfield in the 2nd quarter valued at about $130,000. Squarepoint Ops LLC purchased a new stake in shares of Clearfield in the 2nd quarter valued at about $217,000. Finally, Moody National Bank Trust Division purchased a new stake in shares of Clearfield in the 2nd quarter valued at about $252,000. Hedge funds and other 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.