StockNews.com Upgrades Clearfield (NASDAQ:CLFD) to “Hold”

Clearfield (NASDAQ:CLFD) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.

A number of other research firms also recently issued reports on CLFD. 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 boosted their target price for the company from $31.00 to $47.00 in a research report on Friday, August 2nd. Northland Securities increased their price target on shares of Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Roth Mkm cut their price objective on shares of Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Clearfield has an average rating of “Moderate Buy” and an average price target of $46.75.

Clearfield Stock Down 7.1 %

Shares of Clearfield stock opened at $34.20 on Thursday. The company has a quick ratio of 5.73, a current ratio of 8.38 and a debt-to-equity ratio of 0.01. Clearfield has a twelve month low of $23.45 and a twelve month high of $44.83. The company has a market cap of $487.01 million, a price-to-earnings ratio of -55.16 and a beta of 1.35. The company’s 50 day moving average is $37.49 and its 200 day moving average is $37.65.

Clearfield (NASDAQ:CLFD) last released its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.13. Clearfield had a negative return on equity of 3.06% and a negative net margin of 5.26%. The firm had revenue of $46.80 million for the quarter, compared to analysts’ expectations of $41.95 million. During the same period in the prior year, the firm earned $0.17 EPS. The company’s revenue was down 5.8% compared to the same quarter last year. Research analysts anticipate that Clearfield will post -0.98 EPS for the current year.

Hedge Funds Weigh In On Clearfield

Several large investors have recently added to or reduced their stakes in CLFD. Redwood Wealth Management Group LLC bought a new stake in shares of Clearfield during the 2nd quarter valued at $75,000. Canada Pension Plan Investment Board bought a new stake in Clearfield during the second quarter valued at about $85,000. SG Americas Securities LLC bought a new stake in Clearfield during the second quarter valued at about $130,000. Squarepoint Ops LLC purchased a new position in shares of Clearfield in the second quarter valued at about $217,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of 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 worth $233,000 after acquiring an additional 510 shares during the period. Hedge funds and other institutional investors 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.