Clearfield, Inc. (NASDAQ:CLFD) Short Interest Down 6.5% in October

Clearfield, Inc. (NASDAQ:CLFD) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 1,290,000 shares, a decline of 6.5% from the October 15th total of 1,380,000 shares. Based on an average daily trading volume, of 101,300 shares, the short-interest ratio is presently 12.7 days. Approximately 10.9% of the company’s stock are short sold.

Institutional Investors Weigh In On Clearfield

Institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP bought a new position in shares of Clearfield during the 3rd quarter worth about $53,000. Redwood Wealth Management Group LLC bought a new stake in Clearfield during the second quarter worth about $75,000. Truvestments Capital LLC acquired a new stake in shares of Clearfield during the third quarter worth approximately $80,000. Canada Pension Plan Investment Board bought a new position in shares of Clearfield in the second quarter valued at approximately $85,000. Finally, SG Americas Securities LLC acquired a new position in shares of Clearfield in the 2nd quarter worth approximately $130,000. Institutional investors and hedge funds own 88.73% of the company’s stock.

Clearfield Stock Performance

NASDAQ:CLFD opened at $27.36 on Tuesday. 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 firm’s 50-day moving average is $36.93 and its 200-day moving average is $37.81. Clearfield has a 52-week low of $24.78 and a 52-week high of $44.83. The company has a market cap of $389.55 million, a price-to-earnings ratio of -32.16 and a beta of 1.35.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) 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 firm had revenue of $46.80 million during the quarter, compared to analysts’ expectations of $41.95 million. During the same quarter in the prior year, the firm posted $0.17 EPS. The company’s revenue for the quarter was down 5.8% on a year-over-year basis. Equities research analysts anticipate that Clearfield will post -0.05 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Lake Street Capital raised Clearfield from a “hold” rating to a “buy” rating and increased their price objective for the company 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 note on Friday, November 8th. StockNews.com raised shares of Clearfield from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. Northland Securities raised their price target on Clearfield from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Roth Mkm cut their price objective on Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.75.

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.