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

Clearfield, Inc. (NASDAQ:CLFD - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $34.70 and traded as high as $43.80. Clearfield shares last traded at $43.30, with a volume of 184,057 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CLFD shares. Needham & Company LLC reiterated a "buy" rating and set a $50.00 price target on shares of Clearfield in a report on Wednesday, March 26th. Wall Street Zen upgraded shares of Clearfield from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Clearfield presently has a consensus rating of "Buy" and a consensus target price of $46.75.

Clearfield Stock Up 0.7%

The company has a market cap of $598.84 million, a PE ratio of -309.29 and a beta of 1.71. The business's 50 day moving average price is $40.21 and its 200-day moving average price is $34.70.

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

Institutional Trading of Clearfield

Several institutional investors have recently added to or reduced their stakes in the business. Select Equity Group L.P. grew its position in shares of Clearfield by 770.2% during the first quarter. Select Equity Group L.P. now owns 176,304 shares of the communications equipment provider's stock worth $5,240,000 after acquiring an additional 156,044 shares during the last quarter. Tudor Investment Corp ET AL bought a new position in shares of Clearfield during the fourth quarter worth about $1,594,000. Dimensional Fund Advisors LP grew its position in shares of Clearfield by 17.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 322,378 shares of the communications equipment provider's stock worth $9,994,000 after acquiring an additional 48,730 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Clearfield during the fourth quarter worth about $1,311,000. Finally, Nuveen LLC bought a new position in shares of Clearfield during the first quarter worth about $1,016,000. 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.

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