Clearfield (NASDAQ:CLFD) Stock Price Down 7% – What’s Next?

Shares of Clearfield, Inc. (NASDAQ:CLFD) fell 7% on Wednesday . The stock traded as low as $35.92 and last traded at $35.92. 41,890 shares were traded during mid-day trading, a decline of 73% from the average session volume of 156,926 shares. The stock had previously closed at $38.61.

Analyst Upgrades and Downgrades

CLFD has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $50.00 price target on shares of Clearfield in a research note on Tuesday, September 24th. Lake Street Capital upgraded shares of Clearfield from a “hold” rating to a “buy” rating and raised their price objective for the company from $31.00 to $47.00 in a research report on Friday, August 2nd. Northland Securities boosted their target price on Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Roth Mkm decreased their price target on Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, StockNews.com cut Clearfield from a “hold” rating to a “sell” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.75.

Clearfield Trading Down 5.8 %

The business has a fifty day moving average of $37.84 and a two-hundred day moving average of $37.14. The firm has a market cap of $517.51 million, a price-to-earnings ratio of -144.92 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.73 and a current ratio of 8.38.

Clearfield (NASDAQ:CLFD) last announced its quarterly earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.30. The business had revenue of $48.79 million during the quarter, compared to analysts’ expectations of $42.13 million. Clearfield had a negative return on equity of 3.06% and a negative net margin of 5.26%. The business’s revenue for the quarter was down 20.4% on a year-over-year basis. During the same quarter last year, the business posted $0.33 earnings per share. As a group, equities analysts expect that Clearfield, Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Clearfield

In other Clearfield news, Director Walter Louis Jones, Jr. purchased 1,324 shares of the stock in a transaction dated 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 directly owns 6,061 shares of the company’s stock, valued at $228,923.97. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 16.00% of the stock is currently owned by insiders.

Institutional Trading of Clearfield

A number of large investors have recently made changes to their positions in the stock. Nordea Investment Management AB boosted its stake in shares of Clearfield by 172.9% during the 1st quarter. Nordea Investment Management AB now owns 113,904 shares of the communications equipment provider’s stock worth $3,531,000 after purchasing an additional 72,164 shares during the last quarter. Vanguard Group Inc. raised its holdings in Clearfield by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 1,012,432 shares of the communications equipment provider’s stock valued at $31,223,000 after acquiring an additional 14,307 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of Clearfield during the 2nd quarter worth $835,000. Creative Planning boosted its holdings in shares of Clearfield by 2.5% during the second quarter. Creative Planning now owns 98,088 shares of the communications equipment provider’s stock worth $3,782,000 after purchasing an additional 2,426 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Clearfield by 83.2% in the second quarter. Dimensional Fund Advisors LP now owns 228,173 shares of the communications equipment provider’s stock valued at $8,798,000 after purchasing an additional 103,648 shares during the period. Institutional investors and hedge funds 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.