Clearfield (NASDAQ:CLFD) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Clearfield, Inc. (NASDAQ:CLFD - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $32.98 and traded as high as $40.05. Clearfield shares last traded at $39.75, with a volume of 91,319 shares traded.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC reiterated a "buy" rating and set a $50.00 price objective on shares of Clearfield in a report on Wednesday, March 26th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $46.75.

Clearfield Stock Up 0.7%

The firm has a market capitalization of $553.38 million, a price-to-earnings ratio of -285.79 and a beta of 1.69. The business's fifty day moving average is $34.70 and its 200 day moving average is $33.11.

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

Institutional Investors Weigh In On Clearfield

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Clearfield by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 952,059 shares of the communications equipment provider's stock worth $28,295,000 after acquiring an additional 7,919 shares during the last quarter. ACK Asset Management LLC boosted its holdings in Clearfield by 3.6% during the fourth quarter. ACK Asset Management LLC now owns 720,000 shares of the communications equipment provider's stock worth $22,320,000 after purchasing an additional 25,000 shares during the last quarter. Royce & Associates LP boosted its holdings in Clearfield by 1.3% during the first quarter. Royce & Associates LP now owns 485,009 shares of the communications equipment provider's stock worth $14,414,000 after purchasing an additional 6,200 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Clearfield by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 322,378 shares of the communications equipment provider's stock valued at $9,994,000 after purchasing an additional 48,730 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in Clearfield by 6.2% in the 1st quarter. Royal Bank of Canada now owns 269,865 shares of the communications equipment provider's stock valued at $8,020,000 after buying an additional 15,659 shares during the last quarter. Institutional investors and hedge funds own 88.73% of the company's stock.

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.