Clearfield, Inc. to Post Q3 2024 Earnings of ($0.20) Per Share, Roth Capital Forecasts (NASDAQ:CLFD)

Clearfield, Inc. (NASDAQ:CLFD) – Stock analysts at Roth Capital decreased their Q3 2024 earnings per share (EPS) estimates for shares of Clearfield in a note issued to investors on Wednesday, May 1st. Roth Capital analyst S. Searle now forecasts that the communications equipment provider will earn ($0.20) per share for the quarter, down from their previous forecast of ($0.15). The consensus estimate for Clearfield’s current full-year earnings is ($1.03) per share. Roth Capital also issued estimates for Clearfield’s FY2024 earnings at ($0.44) EPS.

A number of other analysts have also issued reports on CLFD. Needham & Company LLC boosted their target price on Clearfield from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Friday. Roth Mkm restated a “buy” rating and set a $47.00 target price on shares of Clearfield in a report on Wednesday. Finally, Northland Securities upgraded shares of Clearfield from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $25.00 to $40.00 in a research note on Friday. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, Clearfield currently has an average rating of “Hold” and an average price target of $42.40.

Clearfield Stock Performance

Shares of CLFD stock opened at $36.13 on Friday. The firm has a market cap of $531.36 million, a P/E ratio of 44.06 and a beta of 1.33. The firm’s 50 day moving average price is $29.81 and its 200-day moving average price is $28.09. Clearfield has a one year low of $22.91 and a one year high of $50.82.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings data on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.13. The firm had revenue of $36.90 million for the quarter, compared to analyst estimates of $31.25 million. Clearfield had a net margin of 6.00% and a return on equity of 4.22%. Clearfield’s revenue was down 43.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.67 EPS.

Institutional Investors Weigh In On Clearfield

Several institutional investors have recently modified their holdings of the company. Nordea Investment Management AB raised its position in shares of Clearfield by 172.9% during the 1st quarter. Nordea Investment Management AB now owns 113,904 shares of the communications equipment provider’s stock worth $3,531,000 after acquiring an additional 72,164 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Clearfield by 187.4% during the first 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. Harber Asset Management LLC purchased a new stake in shares of Clearfield during the 4th quarter worth approximately $4,310,000. Tower Research Capital LLC TRC boosted its holdings in shares of Clearfield by 11.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,712 shares of the communications equipment provider’s stock valued at $108,000 after buying an additional 389 shares in the last quarter. Finally, ACK Asset Management LLC purchased a new position in shares of Clearfield in the 4th quarter valued at $13,025,000. 88.73% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Chairman Ronald G. Roth acquired 2,000 shares of the stock in a transaction dated Friday, February 23rd. The stock was acquired at an average cost of $29.62 per share, with a total value of $59,240.00. Following the completion of the transaction, the chairman now owns 1,259,796 shares in the company, valued at approximately $37,315,157.52. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 16.00% of the stock is owned by company insiders.

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.