Clearfield (NASDAQ:CLFD) Shares Down 7% – Here’s What Happened

Clearfield, Inc. (NASDAQ:CLFD) fell 7% during mid-day trading on Wednesday . The stock traded as low as $35.92 and last traded at $35.92. 41,890 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 156,926 shares. The stock had previously closed at $38.61.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CLFD shares. Lake Street Capital raised 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 research report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price target on shares of Clearfield in a research report on Tuesday, September 24th. Roth Mkm dropped their price target on Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Northland Securities boosted their price objective on shares of Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, StockNews.com lowered shares of Clearfield from a “hold” rating to a “sell” rating in a report on Wednesday. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, Clearfield presently has an average rating of “Moderate Buy” and an average price target of $46.75.

Clearfield Stock Performance

The company has a market capitalization of $518.51 million, a PE ratio of -145.32 and a beta of 1.34. The business’s fifty day moving average is $37.81 and its two-hundred day moving average is $37.14. The company has a current ratio of 8.38, a quick ratio of 5.73 and a debt-to-equity ratio of 0.01.

Clearfield (NASDAQ:CLFD) last announced its earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.30. The business had revenue of $48.79 million during the quarter, compared to analyst estimates of $42.13 million. Clearfield had a negative net margin of 5.26% and a negative return on equity of 3.06%. The company’s quarterly revenue was down 20.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 EPS. Equities research analysts predict that Clearfield, Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling at Clearfield

In related news, Director Walter Louis Jones, Jr. bought 1,324 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average cost of $37.77 per share, for a total transaction of $50,007.48. Following the purchase, the director now owns 6,061 shares in the company, valued at approximately $228,923.97. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Clearfield

Several hedge funds and other institutional investors have recently modified their holdings of CLFD. BNP Paribas Financial Markets increased its stake in shares of Clearfield by 187.4% in the 1st quarter. BNP Paribas Financial Markets now owns 11,330 shares of the communications equipment provider’s stock worth $349,000 after purchasing an additional 7,388 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Clearfield by 172.9% in the 1st quarter. Nordea Investment Management AB now owns 113,904 shares of the communications equipment provider’s stock worth $3,531,000 after purchasing an additional 72,164 shares in the last quarter. Quantbot Technologies LP increased its stake in shares of Clearfield by 57.3% in the 1st quarter. Quantbot Technologies LP now owns 11,998 shares of the communications equipment provider’s stock worth $370,000 after purchasing an additional 4,371 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Clearfield by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 1,012,432 shares of the communications equipment provider’s stock worth $31,223,000 after purchasing an additional 14,307 shares in the last quarter. Finally, Teton Advisors Inc. purchased a new stake in shares of Clearfield in the 1st quarter worth $555,000. 88.73% of the stock is currently 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.