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 research note published on Tuesday.

CLFD has been the topic of a number of other research reports. Northland Securities raised 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. Lake Street Capital upgraded Clearfield from a “hold” rating to a “buy” rating and upped their price target for the stock from $31.00 to $47.00 in a research note on Friday, August 2nd. Roth Mkm reduced their price target on Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 target price on shares of Clearfield in a report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $46.75.

Clearfield Price Performance

Clearfield stock opened at $29.97 on Tuesday. The company has a quick ratio of 6.69, a current ratio of 9.43 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $36.36 and a 200-day simple moving average of $37.66. The firm has a market capitalization of $428.19 million, a price-to-earnings ratio of -35.25 and a beta of 1.35. Clearfield has a 52-week low of $24.78 and a 52-week high of $44.83.

Clearfield (NASDAQ:CLFD) last released its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.13. The business had revenue of $46.80 million for the quarter, compared to the consensus estimate of $41.95 million. Clearfield had a negative net margin of 7.47% and a negative return on equity of 4.41%. The business’s revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 EPS. On average, equities analysts anticipate that Clearfield will post -0.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Clearfield

Several hedge funds and other institutional investors have recently modified their holdings of CLFD. Quantbot Technologies LP acquired a new stake in shares of Clearfield during the 3rd quarter worth approximately $53,000. Redwood Wealth Management Group LLC purchased a new stake in Clearfield during the second quarter valued at about $75,000. Truvestments Capital LLC purchased a new position in Clearfield during the 3rd quarter worth approximately $80,000. Canada Pension Plan Investment Board purchased a new stake in Clearfield in the 2nd quarter worth about $85,000. Finally, SG Americas Securities LLC acquired a new position in Clearfield in the 2nd quarter valued at approximately $130,000. 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.