Clearfield (NASDAQ:CLFD) Shares Cross Below 200 Day Moving Average - Here's What Happened

Key Points

• Clearfield, Inc. (NASDAQ: CLFD) shares have fallen below their 200-day moving average of $35.28, with the stock last trading at $35.15.
• Analyst ratings have declined, with Northland Securities and Wall Street Zen downgrading Clearfield's rating from "outperform" and "buy" to "market perform" and "hold," respectively.
• Clearfield reported earnings of $0.11 per share, exceeding analysts' expectations, with revenue of $49.90 million surpassing forecasts of $47.58 million.

Shares of Clearfield, Inc. (NASDAQ:CLFD - Get Free Report) crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $35.28 and traded as low as $33.85. Clearfield shares last traded at $35.15, with a volume of 107,466 shares traded.

Analyst Ratings Changes

CLFD has been the subject of a number of recent analyst reports. Northland Securities downgraded shares of Clearfield from an "outperform" rating to a "market perform" rating and set a $45.00 price objective for the company. in a research report on Thursday, August 7th. Wall Street Zen downgraded shares of Clearfield from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Northland Capmk downgraded shares of Clearfield from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Finally, Roth Capital reaffirmed a "buy" rating on shares of Clearfield in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Clearfield Price Performance

The stock has a market capitalization of $485.42 million, a PE ratio of 3,515.00 and a beta of 1.78. The stock's 50 day simple moving average is $35.22 and its two-hundred day simple moving average is $35.28.

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

Institutional Trading of Clearfield

A number of institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC lifted its stake in shares of Clearfield by 116.3% during 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 in the last quarter. Captrust Financial Advisors purchased a new stake in shares of Clearfield during the 2nd quarter valued at approximately $220,000. Man Group plc purchased a new stake in shares of Clearfield during the 2nd quarter valued at approximately $465,000. G2 Investment Partners Management LLC purchased a new stake in shares of Clearfield during the 2nd quarter valued at approximately $10,022,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of Clearfield by 1,690.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 13,193 shares of the communications equipment provider's stock valued at $573,000 after buying an additional 12,456 shares in the last quarter. 88.73% of the stock is currently owned by hedge funds and other institutional investors.

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.

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