Clearfield, Inc. (NASDAQ:CLFD) Short Interest Update

Clearfield, Inc. (NASDAQ:CLFD) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 2,200,000 shares, an increase of 5.3% from the October 15th total of 2,090,000 shares. Based on an average trading volume of 188,100 shares, the days-to-cover ratio is presently 11.7 days. Approximately 17.1% of the company’s shares are sold short.

Institutional Investors Weigh In On Clearfield

A number of hedge funds have recently made changes to their positions in CLFD. Spire Wealth Management raised its holdings in Clearfield by 140.0% in the first quarter. Spire Wealth Management now owns 600 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 350 shares in the last quarter. KBC Group NV bought a new position in shares of Clearfield during the 2nd quarter worth approximately $45,000. Point72 Hong Kong Ltd purchased a new stake in Clearfield during the first quarter valued at approximately $55,000. Quarry LP acquired a new stake in Clearfield in the first quarter valued at approximately $58,000. Finally, State of Wyoming grew its holdings in Clearfield by 57.0% in the second quarter. State of Wyoming now owns 1,466 shares of the communications equipment provider’s stock worth $69,000 after purchasing an additional 532 shares during the last quarter. 66.56% of the stock is currently owned by hedge funds and other institutional investors.

Clearfield Stock Performance

Clearfield stock traded up $0.53 during midday trading on Friday, hitting $26.71. 146,984 shares of the company’s stock were exchanged, compared to its average volume of 319,626. Clearfield has a 12 month low of $22.91 and a 12 month high of $134.90. The company has a market cap of $407.65 million, a PE ratio of 12.03 and a beta of 1.42. The firm has a 50-day moving average of $27.47 and a two-hundred day moving average of $36.95.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings data on Thursday, November 9th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.08. The company had revenue of $49.70 million for the quarter, compared to analyst estimates of $48.76 million. Clearfield had a net margin of 12.11% and a return on equity of 10.61%. Clearfield’s revenue was down 47.7% compared to the same quarter last year. During the same period last year, the company posted $1.22 earnings per share. As a group, equities analysts expect that Clearfield will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Northland Securities lowered Clearfield from an “outperform” rating to a “market perform” rating and set a $45.00 target price on the stock. in a research note on Friday, August 4th. Needham & Company LLC reduced their price target on shares of Clearfield from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, November 10th. StockNews.com cut shares of Clearfield from a “hold” rating to a “sell” rating in a research report on Wednesday, November 1st. Finally, Northcoast Research reaffirmed a “market perform” rating and set a $45.00 target price on shares of Clearfield in a research report on Friday, August 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Clearfield presently has an average rating of “Hold” and an average price target of $77.57.

About Clearfield

Clearfield, Inc manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures.