Clearfield (NASDAQ:CLFD) Downgraded to Sell Rating by StockNews.com

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

Separately, Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Clearfield in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.75.

Clearfield Stock Performance

CLFD opened at $32.63 on Friday. The company has a quick ratio of 6.69, a current ratio of 9.43 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average price is $33.76 and its two-hundred day moving average price is $37.01. The firm has a market capitalization of $466.28 million, a P/E ratio of -38.39 and a beta of 1.28. Clearfield has a 12-month low of $24.78 and a 12-month high of $44.83.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings data 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 4.41% and a negative net margin of 7.47%. The company had revenue of $46.80 million during the quarter, compared to analysts’ expectations of $41.95 million. During the same period in the prior year, the business earned $0.17 earnings per share. Clearfield’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, equities analysts forecast that Clearfield will post -0.16 earnings per share for the current year.

Insider Activity

In other Clearfield news, Chairman Ronald G. Roth purchased 5,000 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was purchased at an average price of $31.00 per share, for a total transaction of $155,000.00. Following the completion of the purchase, the chairman now directly owns 1,266,796 shares in the company, valued at approximately $39,270,676. This trade represents a 0.40 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 16.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Clearfield

A number of hedge funds have recently modified their holdings of CLFD. Quantbot Technologies LP bought a new position in Clearfield during the 3rd quarter valued at about $53,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Clearfield during the second quarter worth approximately $75,000. Truvestments Capital LLC bought a new position in shares of Clearfield in the third quarter valued at approximately $80,000. Canada Pension Plan Investment Board acquired a new position in shares of Clearfield in the 2nd quarter worth approximately $85,000. Finally, SG Americas Securities LLC bought a new stake in Clearfield during the 2nd quarter worth approximately $130,000. 88.73% of the stock is owned by institutional investors and hedge funds.

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.