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

StockNews.com lowered shares of Clearfield (NASDAQ:CLFD) from a hold rating to a sell rating in a report released on Saturday morning.

Separately, Needham & Company LLC reiterated a “buy” rating and set a $50.00 target price on shares of Clearfield in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Clearfield currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.75.

Clearfield Trading Down 2.2 %

NASDAQ:CLFD opened at $32.63 on Friday. Clearfield has a 12 month low of $24.78 and a 12 month high of $44.83. The company has a current ratio of 9.43, a quick ratio of 6.69 and a debt-to-equity ratio of 0.01. The firm’s 50 day moving average is $33.76 and its 200 day moving average is $37.01. The stock has a market capitalization of $466.28 million, a PE ratio of -38.39 and a beta of 1.28.

Clearfield (NASDAQ:CLFD) last issued its earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.13. The firm 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%. The business’s revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.17 earnings per share. Sell-side analysts expect that Clearfield will post -0.16 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman Ronald G. Roth purchased 5,000 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were purchased at an average cost of $31.00 per share, for a total transaction of $155,000.00. Following the completion of the transaction, the chairman now directly owns 1,266,796 shares in the company, valued at approximately $39,270,676. This represents a 0.40 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 16.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Clearfield

A number of large investors have recently modified their holdings of the company. Quantbot Technologies LP purchased a new stake in Clearfield in the 3rd quarter worth approximately $53,000. Redwood Wealth Management Group LLC purchased a new position in Clearfield during the second quarter worth about $75,000. Truvestments Capital LLC bought a new position in Clearfield in the 3rd quarter worth about $80,000. Canada Pension Plan Investment Board purchased a new stake in shares of Clearfield in the 2nd quarter valued at about $85,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Clearfield in the 2nd quarter valued at 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.