StockNews.com Upgrades Clearfield (NASDAQ:CLFD) to “Hold”

Clearfield (NASDAQ:CLFD) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

Several other analysts have also recently commented on CLFD. Lake Street Capital upgraded shares of Clearfield from a “hold” rating to a “buy” rating and raised their price target for the stock from $31.00 to $47.00 in a report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 target price on shares of Clearfield in a research report on Friday, November 8th. Roth Mkm decreased their target price on shares of Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, Northland Securities upped their price target on shares of Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Clearfield has an average rating of “Moderate Buy” and a consensus price target of $46.75.

Clearfield Stock Up 2.3 %

Shares of CLFD traded up $0.64 during mid-day trading on Tuesday, reaching $28.00. The company’s stock had a trading volume of 261,732 shares, compared to its average volume of 158,185. The company has a market cap of $398.72 million, a price-to-earnings ratio of -32.94 and a beta of 1.35. The business has a fifty day moving average of $36.72 and a 200 day moving average of $37.77. The company has a quick ratio of 6.69, a current ratio of 9.43 and a debt-to-equity ratio of 0.01. Clearfield has a 1 year low of $24.78 and a 1 year high of $44.83.

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

Hedge Funds Weigh In On Clearfield

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC lifted its stake in Clearfield by 164.2% in the third quarter. Barclays PLC now owns 87,971 shares of the communications equipment provider’s stock valued at $3,428,000 after acquiring an additional 54,670 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Clearfield by 2.7% during the 3rd quarter. Janus Henderson Group PLC now owns 30,062 shares of the communications equipment provider’s stock valued at $1,171,000 after purchasing an additional 794 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Clearfield in the 3rd quarter valued at $53,000. Truvestments Capital LLC bought a new stake in Clearfield in the third quarter worth $80,000. Finally, Segall Bryant & Hamill LLC increased its position in Clearfield by 12.2% during the third quarter. Segall Bryant & Hamill LLC now owns 249,087 shares of the communications equipment provider’s stock worth $9,704,000 after buying an additional 27,178 shares during the last quarter. 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.