Clearfield (NASDAQ:CLFD) Shares Down 5.7% - Here's What Happened

Clearfield, Inc. (NASDAQ:CLFD - Get Free Report)'s share price was down 5.7% during mid-day trading on Thursday . The company traded as low as $35.04 and last traded at $35.63. Approximately 203,796 shares traded hands during mid-day trading, an increase of 92% from the average daily volume of 105,943 shares. The stock had previously closed at $37.80.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. StockNews.com lowered shares of Clearfield from a "hold" rating to a "sell" rating in a report on Saturday, January 11th. Needham & Company LLC reissued a "buy" rating and set a $50.00 price target on shares of Clearfield in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $46.75.

Clearfield Stock Down 4.6 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.69 and a current ratio of 9.43. The company has a market cap of $491.87 million, a PE ratio of -40.95 and a beta of 1.28. The company has a fifty day moving average of $33.61 and a two-hundred day moving average of $36.00.

Clearfield (NASDAQ:CLFD - Get Free Report) last posted its earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share (EPS) 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 company had revenue of $46.80 million for the quarter, compared to analyst estimates of $41.95 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. The firm's quarterly revenue was down 5.8% compared to the same quarter last year. As a group, analysts anticipate that Clearfield, Inc. will post -0.16 earnings per share for the current fiscal year.

Insider Transactions at Clearfield

In other news, Chairman Ronald G. Roth purchased 5,000 shares of Clearfield stock in a transaction dated Thursday, December 5th. The shares were purchased at an average price of $31.00 per share, with a total value of $155,000.00. Following the transaction, the chairman now owns 1,266,796 shares in the company, valued at $39,270,676. This represents a 0.40 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 17.80% of the company's stock.

Institutional Investors Weigh In On Clearfield

Several large investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new stake in Clearfield in the third quarter valued at about $53,000. Truvestments Capital LLC acquired a new position in shares of Clearfield during the third quarter worth about $80,000. SG Americas Securities LLC boosted its position in Clearfield by 8.3% in the 3rd quarter. SG Americas Securities LLC now owns 3,641 shares of the communications equipment provider's stock valued at $142,000 after buying an additional 279 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of Clearfield in the 2nd quarter worth about $217,000. Finally, Exchange Traded Concepts LLC bought a new position in Clearfield in the third quarter worth about $300,000. 88.73% of the stock is 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.