Clearfield (NASDAQ:CLFD) Stock Rating Lowered by StockNews.com

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

A number of other brokerages have also weighed in on CLFD. Roth Mkm decreased their target price on Clearfield from $47.00 to $45.00 and set a "buy" rating for the company in a research report on Friday, August 2nd. Needham & Company LLC restated a "buy" rating and set a $50.00 price objective on shares of Clearfield in a research report on Tuesday, September 24th. Northland Securities raised their target price on shares of Clearfield from $40.00 to $45.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. Finally, Lake Street Capital upgraded shares of Clearfield from a "hold" rating to a "buy" rating and boosted their target price for the company from $31.00 to $47.00 in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $46.75.

Clearfield Stock Down 4.2 %

Shares of NASDAQ:CLFD traded down $1.64 on Wednesday, hitting $36.97. 108,772 shares of the company traded hands, compared to its average volume of 157,253. The stock has a 50 day simple moving average of $37.81 and a 200-day simple moving average of $37.14. The company has a quick ratio of 5.73, a current ratio of 8.38 and a debt-to-equity ratio of 0.01. The company has a market cap of $526.19 million, a PE ratio of -147.88 and a beta of 1.34. Clearfield has a 52 week low of $22.91 and a 52 week high of $44.83.

Clearfield (NASDAQ:CLFD - Get Free Report) last issued its earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.30. The firm had revenue of $48.79 million for the quarter, compared to the consensus estimate of $42.13 million. Clearfield had a negative net margin of 5.26% and a negative return on equity of 3.06%. The business's revenue was down 20.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.33 earnings per share. As a group, research analysts expect that Clearfield will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In other Clearfield news, Director Walter Louis Jones, Jr. purchased 1,324 shares of the firm's stock in a transaction on Wednesday, August 7th. The shares were acquired at an average cost of $37.77 per share, for a total transaction of $50,007.48. Following the completion of the transaction, the director now owns 6,061 shares of the company's stock, valued at approximately $228,923.97. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 16.00% of the stock is currently owned by insiders.

Institutional Trading of Clearfield

A number of hedge funds and other institutional investors have recently bought and sold shares of CLFD. Redwood Wealth Management Group LLC bought a new position in shares of Clearfield during the 2nd quarter valued at approximately $75,000. Canada Pension Plan Investment Board bought a new position in shares of Clearfield in the second quarter worth approximately $85,000. SG Americas Securities LLC purchased a new stake in shares of Clearfield in the second quarter worth $130,000. Squarepoint Ops LLC bought a new stake in shares of Clearfield during the 2nd quarter valued at $217,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Clearfield by 7.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,536 shares of the communications equipment provider's stock valued at $233,000 after buying an additional 510 shares in the last quarter. Hedge funds and other institutional investors own 88.73% of the company's stock.

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.