Short Interest in Clearfield, Inc. (NASDAQ:CLFD) Expands By 6.3%

Clearfield, Inc. (NASDAQ:CLFD) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 1,520,000 shares, a growth of 6.3% from the August 15th total of 1,430,000 shares. Based on an average daily trading volume, of 122,800 shares, the short-interest ratio is presently 12.4 days. Approximately 12.8% of the shares of the stock are sold short.

Clearfield Trading Down 0.9 %

Shares of NASDAQ CLFD traded down $0.37 on Wednesday, reaching $39.52. 57,455 shares of the company traded hands, compared to its average volume of 167,978. Clearfield has a fifty-two week low of $22.91 and a fifty-two week high of $44.83. The company has a 50 day moving average of $39.03 and a 200 day moving average of $35.73. The company has a current ratio of 8.38, a quick ratio of 5.73 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $562.49 million, a PE ratio of -158.08 and a beta of 1.34.

Clearfield (NASDAQ:CLFD) last posted its earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.30. The firm had revenue of $48.79 million during 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 company’s revenue was down 20.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.33 EPS. On average, equities research analysts forecast that Clearfield will post -0.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Lake Street Capital upgraded shares of Clearfield from a “hold” rating to a “buy” rating and upped their target price for the company from $31.00 to $47.00 in a report on Friday, August 2nd. Roth Mkm reduced their target price on shares of Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. StockNews.com upgraded shares of Clearfield to a “sell” rating in a report on Monday, August 5th. Needham & Company LLC upped their price objective on shares of Clearfield from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Northland Securities upped their price objective on shares of Clearfield from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, Clearfield currently has an average rating of “Moderate Buy” and a consensus price target of $46.75.

Insider Buying and Selling

In other Clearfield news, Director Walter Louis Jones, Jr. acquired 1,324 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 6,061 shares of the company’s stock, valued at $228,923.97. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 16.00% of the company’s stock.

Institutional Trading of Clearfield

A number of institutional investors and hedge funds have recently bought and sold shares of CLFD. Bard Associates Inc. grew its position in Clearfield by 3.5% in the fourth quarter. Bard Associates Inc. now owns 11,684 shares of the communications equipment provider’s stock valued at $340,000 after acquiring an additional 393 shares in the last quarter. SummerHaven Investment Management LLC grew its position in Clearfield by 2.7% in the second quarter. SummerHaven Investment Management LLC now owns 15,503 shares of the communications equipment provider’s stock valued at $598,000 after acquiring an additional 405 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Clearfield by 7.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,536 shares of the communications equipment provider’s stock valued at $233,000 after acquiring an additional 510 shares in the last quarter. Janus Henderson Group PLC grew its position in Clearfield by 2.3% in the first quarter. Janus Henderson Group PLC now owns 33,941 shares of the communications equipment provider’s stock valued at $1,047,000 after acquiring an additional 777 shares in the last quarter. Finally, Principal Securities Inc. acquired a new stake in Clearfield in the fourth quarter valued at approximately $25,000. 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.