Clearfield (NASDAQ:CLFD) Sets New 1-Year High - What's Next?

Clearfield, Inc. (NASDAQ:CLFD - Get Free Report)'s share price reached a new 52-week high on Monday . The stock traded as high as $44.86 and last traded at $44.54, with a volume of 26202 shares changing hands. The stock had previously closed at $44.43.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $50.00 price target on shares of Clearfield in a research note on Wednesday, March 26th. Wall Street Zen upgraded Clearfield from a "hold" rating to a "buy" rating in a report on Saturday. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $46.75.

Clearfield Price Performance

The company has a market cap of $599.95 million, a price-to-earnings ratio of -309.86 and a beta of 1.71. The firm's 50-day moving average price is $38.11 and its 200-day moving average price is $34.00.

Clearfield (NASDAQ:CLFD - Get Free Report) last announced its earnings results on Thursday, May 8th. The communications equipment provider reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.19) by $0.28. The business had revenue of $47.17 million for the quarter, compared to the consensus estimate of $38.53 million. Clearfield had a negative return on equity of 0.68% and a negative net margin of 1.04%. On average, sell-side analysts anticipate that Clearfield, Inc. will post -0.29 earnings per share for the current year.

Institutional Trading of Clearfield

A number of hedge funds and other institutional investors have recently modified their holdings of CLFD. US Bancorp DE increased its position in shares of Clearfield by 705.0% in the 1st quarter. US Bancorp DE now owns 966 shares of the communications equipment provider's stock worth $29,000 after purchasing an additional 846 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in Clearfield by 340.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,172 shares of the communications equipment provider's stock valued at $36,000 after buying an additional 906 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Clearfield by 2,710.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,855 shares of the communications equipment provider's stock valued at $55,000 after buying an additional 1,789 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Clearfield during the fourth quarter valued at approximately $74,000. Finally, Strs Ohio bought a new position in Clearfield during the 1st quarter worth approximately $131,000. 88.73% of the stock is owned by hedge funds and other institutional investors.

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.