Clearfield (NASDAQ:CLFD) Sets New 52-Week High - Here's What Happened

Clearfield, Inc. (NASDAQ:CLFD - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $46.76 and last traded at $45.76, with a volume of 87459 shares traded. The stock had previously closed at $43.30.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Clearfield from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $46.75.

Clearfield Trading Up 0.7%

The firm has a market cap of $612.81 million, a price-to-earnings ratio of -316.50 and a beta of 1.71. The firm has a 50 day moving average price of $40.82 and a 200-day moving average price of $35.04.

Clearfield (NASDAQ:CLFD - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The communications equipment provider reported $0.09 EPS for the quarter, topping analysts' consensus estimates of ($0.19) by $0.28. The firm had revenue of $47.17 million during the quarter, compared to analysts' expectations of $38.53 million. Clearfield had a negative return on equity of 0.68% and a negative net margin of 1.04%. As a group, equities analysts expect that Clearfield, Inc. will post -0.29 earnings per share for the current fiscal year.

Institutional Trading of Clearfield

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLFD. US Bancorp DE increased its position in Clearfield by 705.0% during 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 in the last quarter. Tower Research Capital LLC TRC increased its position in Clearfield by 340.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,172 shares of the communications equipment provider's stock worth $36,000 after purchasing an additional 906 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Clearfield by 2,710.6% in the 1st 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 period. KLP Kapitalforvaltning AS purchased a new stake in Clearfield in the 4th quarter valued at about $74,000. Finally, Strs Ohio purchased a new stake in Clearfield in the 1st quarter valued at about $131,000. Hedge funds and other institutional investors own 88.73% of the company's stock.

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.