Clearfield (NASDAQ:CLFD) Shares Cross Above 200 Day Moving Average - Here's Why

Key Points

• Clearfield, Inc. shares have crossed above their 200-day moving average, trading at $36.79 with a high of $37.02, indicating positive momentum.
• A recent analysis has shown a mix of ratings for Clearfield, with two analysts rating it a Buy and three giving it a Hold, while the average price target is set at $47.50.
• Clearfield reported earnings of $0.11 per share, surpassing expectations of $0.05, and achieved revenues of $49.90 million in its latest quarter.

Shares of Clearfield, Inc. (NASDAQ:CLFD - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $35.48 and traded as high as $37.02. Clearfield shares last traded at $36.79, with a volume of 91,764 shares changing hands.

Analyst Upgrades and Downgrades

CLFD has been the topic of a number of analyst reports. Weiss Ratings reissued a "hold (c-)" rating on shares of Clearfield in a research note on Wednesday. Northland Securities lowered Clearfield from an "outperform" rating to a "market perform" rating and set a $45.00 target price on the stock. in a research note on Thursday, August 7th. Northland Capmk lowered Clearfield from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Roth Capital reaffirmed a "buy" rating on shares of Clearfield in a research note on Thursday, August 7th. Finally, Wall Street Zen lowered shares of Clearfield from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $47.50.

Clearfield Stock Up 2.4%

The company has a market capitalization of $508.07 million, a P/E ratio of 3,679.00 and a beta of 1.78. The firm has a fifty day simple moving average of $34.23 and a 200-day simple moving average of $35.48.

Clearfield (NASDAQ:CLFD - Get Free Report) last posted its earnings results on Wednesday, August 6th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.06. The business had revenue of $49.90 million during the quarter, compared to analysts' expectations of $47.58 million. Clearfield had a return on equity of 0.07% and a net margin of 0.11%. On average, sell-side analysts predict that Clearfield, Inc. will post -0.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Clearfield

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE raised its stake 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 valued at $29,000 after purchasing an additional 846 shares during the period. PNC Financial Services Group Inc. raised its position 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 last quarter. Tower Research Capital LLC TRC raised its position in Clearfield by 116.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,882 shares of the communications equipment provider's stock valued at $82,000 after buying an additional 1,012 shares during the last quarter. Strs Ohio bought a new stake in Clearfield in the 1st quarter valued at approximately $131,000. Finally, GAMMA Investing LLC boosted its position in Clearfield by 5,214.1% during the 1st quarter. GAMMA Investing LLC now owns 4,517 shares of the communications equipment provider's stock worth $134,000 after acquiring an additional 4,432 shares during the last quarter. 88.73% of the stock is owned by institutional investors and hedge funds.

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.

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