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

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

Clearfield Stock Performance

Shares of CLFD traded down $0.37 during midday trading on Wednesday, hitting $39.52. 57,455 shares of the stock traded hands, compared to its average volume of 167,978. Clearfield has a 1-year low of $22.91 and a 1-year high of $44.83. The firm has a market capitalization of $562.49 million, a PE ratio of -158.08 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. The business’s 50 day moving average price is $39.03 and its two-hundred day moving average price is $35.73.

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CLFD shares. StockNews.com upgraded Clearfield to a “sell” rating in a research note on Monday, August 5th. Lake Street Capital upgraded Clearfield from a “hold” rating to a “buy” rating and raised their price objective for the stock from $31.00 to $47.00 in a research note on Friday, August 2nd. Northland Securities raised their price objective on Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Roth Mkm reduced their price objective 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, Needham & Company LLC raised their target price on Clearfield from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the 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.

Insider Activity

In other Clearfield news, Director Walter Louis Jones, Jr. bought 1,324 shares of Clearfield stock in a transaction dated Wednesday, August 7th. The stock was bought at an average cost of $37.77 per share, for a total transaction of $50,007.48. Following the purchase, the director now owns 6,061 shares in the company, valued at approximately $228,923.97. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Clearfield

Hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Securities Inc. bought a new stake in shares of Clearfield during the fourth quarter valued at about $25,000. Redwood Wealth Management Group LLC bought a new stake in shares of Clearfield during the second quarter valued at about $75,000. Victory Capital Management Inc. raised its stake in shares of Clearfield by 70.4% during the fourth quarter. Victory Capital Management Inc. now owns 2,082 shares of the communications equipment provider’s stock valued at $61,000 after purchasing an additional 860 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Clearfield during the second quarter valued at about $85,000. Finally, SG Americas Securities LLC bought a new stake in Clearfield in the second quarter worth about $130,000. 88.73% of the stock is currently owned by institutional investors.

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.