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

StockNews.com downgraded shares of Clearfield (NASDAQ:CLFD) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

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

Clearfield Stock Down 4.2 %

CLFD opened at $36.97 on Wednesday. Clearfield has a 1-year low of $22.91 and a 1-year high of $44.83. The company has a current ratio of 8.38, a quick ratio of 5.73 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $526.19 million, a price-to-earnings ratio of -147.88 and a beta of 1.34. The business has a 50 day moving average of $37.81 and a 200-day moving average of $37.14.

Clearfield (NASDAQ:CLFD) last issued its earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) EPS for the quarter, topping 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 firm had revenue of $48.79 million during the quarter, compared to analysts’ expectations of $42.13 million. During the same period last year, the business earned $0.33 earnings per share. Clearfield’s quarterly revenue was down 20.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Clearfield will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In other Clearfield news, Director Walter Louis Jones, Jr. bought 1,324 shares of the firm’s stock in a transaction that occurred on 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 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.00% of the stock is owned by insiders.

Institutional Trading of Clearfield

Several institutional investors have recently added to or reduced their stakes in the company. Creative Planning boosted its stake in Clearfield by 0.5% in the 3rd quarter. Creative Planning now owns 98,599 shares of the communications equipment provider’s stock valued at $3,841,000 after purchasing an additional 511 shares during the period. Exchange Traded Concepts LLC bought a new stake in shares of Clearfield during the 3rd quarter valued at $300,000. SG Americas Securities LLC lifted its position 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 acquiring an additional 279 shares during the period. Select Equity Group L.P. bought a new stake in shares of Clearfield during the 2nd quarter valued at $453,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Clearfield during the 2nd quarter valued at $217,000. 88.73% of the stock is currently owned by institutional investors.

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.