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

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

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new stake in shares of Clearfield in the third quarter worth approximately $53,000. Redwood Wealth Management Group LLC bought a new stake in shares of Clearfield in the second quarter worth $75,000. Truvestments Capital LLC acquired a new position in Clearfield in the third quarter worth $80,000. Canada Pension Plan Investment Board acquired a new position in Clearfield in the second quarter worth $85,000. Finally, SG Americas Securities LLC acquired a new position in shares of Clearfield during the second quarter valued at $130,000. Institutional investors and hedge funds own 88.73% of the company’s stock.

Clearfield Price Performance

Clearfield stock traded down $0.92 during midday trading on Monday, reaching $27.34. The company’s stock 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 company has a debt-to-equity ratio of 0.01, a quick ratio of 6.69 and a current ratio of 9.43. The stock’s 50 day simple moving average is $36.93 and its 200 day simple moving average is $37.81. The firm has a market capitalization of $389.27 million, a PE 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) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.13. The business had revenue of $46.80 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the company posted $0.17 EPS. On average, equities research analysts forecast that Clearfield will post -0.05 earnings per share for the current year.

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.