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

Clearfield (NASDAQ:CLFD - Get Free Report) was downgraded by research analysts at StockNews.com from a "hold" rating to a "sell" rating in a research note issued to investors on Wednesday.

CLFD has been the topic of a number of other reports. 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. Northland Securities upped their price objective on Clearfield from $40.00 to $45.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. Lake Street Capital raised shares of Clearfield from a "hold" rating to a "buy" rating and raised their target price for the company from $31.00 to $47.00 in a report on Friday, August 2nd. Finally, Roth Mkm decreased their price target on shares of Clearfield from $47.00 to $45.00 and set a "buy" rating on the stock in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $46.75.

Clearfield Price Performance

Shares of NASDAQ:CLFD opened at $30.90 on Wednesday. The company has a market capitalization of $441.53 million, a P/E ratio of -36.35 and a beta of 1.35. Clearfield has a 1-year low of $24.78 and a 1-year high of $44.83. The firm's 50 day simple moving average is $35.64 and its two-hundred day simple moving average is $37.51. The company has a debt-to-equity ratio of 0.01, a current ratio of 9.43 and a quick ratio of 6.69.

Clearfield (NASDAQ:CLFD - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $46.80 million during the quarter, compared to analyst estimates of $41.95 million. During the same quarter in the prior year, the business posted $0.17 EPS. Clearfield's revenue for the quarter was down 5.8% compared to the same quarter last year. Research analysts expect that Clearfield will post -0.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

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