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

Clearfield, Inc. (NASDAQ:CLFD) was the recipient of a significant decline in short interest in October. As of October 31st, there was short interest totalling 1,290,000 shares, a decline of 6.5% from the October 15th total of 1,380,000 shares. Based on an average trading volume of 101,300 shares, the days-to-cover ratio is presently 12.7 days. Approximately 10.9% of the shares of the stock are short sold.

Clearfield Trading Down 3.3 %

NASDAQ:CLFD traded down $0.92 during mid-day trading on Monday, hitting $27.34. The company had a trading volume of 90,370 shares, compared to its average volume of 157,481. Clearfield has a fifty-two week low of $24.78 and a fifty-two week high of $44.83. The business’s fifty day moving average is $36.93 and its two-hundred day moving average is $37.81. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.69 and a current ratio of 9.43. The firm has a market cap of $389.27 million, a P/E ratio of -33.25 and a beta of 1.35.

Clearfield (NASDAQ:CLFD) last released its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.13. The company had revenue of $46.80 million for the quarter, compared to analyst estimates of $41.95 million. Clearfield had a negative return on equity of 4.41% and a negative net margin of 7.47%. Clearfield’s revenue was down 5.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.17 earnings per share. As a group, research analysts expect that Clearfield will post -0.05 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on CLFD. Roth Mkm cut their price objective on Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Lake Street Capital raised Clearfield from a “hold” rating to a “buy” rating and boosted their price target for the company from $31.00 to $47.00 in a research note on Friday, August 2nd. Northland Securities upped their price target on Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective on shares of Clearfield in a research note on Friday, November 8th. Finally, StockNews.com upgraded Clearfield from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.75.

Institutional Investors Weigh In On Clearfield

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP acquired a new stake in Clearfield in the 3rd quarter valued at approximately $53,000. Redwood Wealth Management Group LLC bought a new position in shares of Clearfield during the 2nd quarter worth approximately $75,000. Truvestments Capital LLC bought a new position in shares of Clearfield during the 3rd quarter worth approximately $80,000. Canada Pension Plan Investment Board bought a new position in shares of Clearfield during the 2nd quarter worth approximately $85,000. Finally, SG Americas Securities LLC bought a new position in shares of Clearfield during the 2nd quarter worth approximately $130,000. Institutional investors and hedge funds own 88.73% of the company’s stock.

Clearfield Company Profile

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.