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

Clearfield (NASDAQ:CLFD) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

A number of other equities analysts have also recently commented on CLFD. Northland Securities cut shares of Clearfield from an “outperform” rating to a “market perform” rating and set a $45.00 price objective for the company. in a research report on Friday, August 4th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Clearfield in a research note on Friday, August 11th. Finally, Northcoast Research restated a “market perform” rating and set a $45.00 price objective on shares of Clearfield in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Clearfield currently has a consensus rating of “Hold” and an average target price of $80.43.

Clearfield Trading Up 6.4 %

NASDAQ CLFD opened at $25.80 on Wednesday. The firm has a market capitalization of $393.71 million, a P/E ratio of 8.01 and a beta of 1.42. The firm’s fifty day moving average price is $29.31 and its two-hundred day moving average price is $38.21. Clearfield has a 1 year low of $22.91 and a 1 year high of $134.90.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.24. The business had revenue of $61.30 million during the quarter, compared to analysts’ expectations of $53.82 million. Clearfield had a return on equity of 17.69% and a net margin of 14.91%. Clearfield’s quarterly revenue was down 15.2% on a year-over-year basis. During the same quarter last year, the company posted $0.92 earnings per share. On average, research analysts anticipate that Clearfield will post 2.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Clearfield

Hedge funds have recently added to or reduced their stakes in the stock. Spire Wealth Management lifted its position in Clearfield by 140.0% during the first quarter. Spire Wealth Management now owns 600 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 350 shares during the period. KBC Group NV acquired a new stake in shares of Clearfield during the 2nd quarter worth approximately $45,000. Point72 Hong Kong Ltd bought a new position in Clearfield in the first quarter valued at approximately $55,000. Quarry LP acquired a new position in Clearfield during the first quarter valued at approximately $58,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in Clearfield by 28.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,465 shares of the communications equipment provider’s stock worth $68,000 after purchasing an additional 323 shares during the last quarter. Institutional investors own 66.56% of the company’s stock.

Clearfield Company Profile

Clearfield, Inc manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures.