Exchange Traded Concepts LLC Invests $300,000 in Clearfield, Inc. (NASDAQ:CLFD)

Exchange Traded Concepts LLC purchased a new position in shares of Clearfield, Inc. (NASDAQ:CLFD) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 7,697 shares of the communications equipment provider’s stock, valued at approximately $300,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Redwood Wealth Management Group LLC acquired a new stake in shares of Clearfield during the 2nd quarter valued at $75,000. Canada Pension Plan Investment Board purchased a new stake in shares of Clearfield during the second quarter worth $85,000. SG Americas Securities LLC acquired a new stake in Clearfield during the second quarter valued at $130,000. Squarepoint Ops LLC purchased a new position in Clearfield in the second quarter valued at about $217,000. Finally, Price T Rowe Associates Inc. MD grew its stake 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 purchasing an additional 510 shares in the last quarter. 88.73% of the stock is owned by hedge funds and other institutional investors.

Clearfield Stock Down 0.4 %

NASDAQ CLFD opened at $38.03 on Monday. Clearfield, Inc. has a 1-year low of $22.91 and a 1-year high of $44.83. The company has a market capitalization of $541.28 million, a price-to-earnings ratio of -152.12 and a beta of 1.34. The stock’s 50 day moving average is $37.85 and its two-hundred day moving average is $37.02. The company has a current ratio of 8.38, a quick ratio of 5.73 and a debt-to-equity ratio of 0.01.

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

Insider Buying and Selling

In related news, Director Walter Louis Jones, Jr. purchased 1,324 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average price of $37.77 per share, with a total value of $50,007.48. Following the completion of the acquisition, the director now directly owns 6,061 shares in the company, valued at approximately $228,923.97. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 16.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. StockNews.com upgraded Clearfield from a “sell” rating to a “hold” rating in a report on Tuesday, October 15th. Northland Securities boosted their target price 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. Lake Street Capital upgraded shares of Clearfield from a “hold” rating to a “buy” rating and raised their price target for the company from $31.00 to $47.00 in a report on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Clearfield in a research note on Tuesday, September 24th. Finally, Roth Mkm lowered their target price on shares of Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Clearfield 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.