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

Key Points

• Clearfield, Inc. stock price fell below its 200-day moving average of $34.98, trading as low as $32.08 on Monday, indicating potential concerns among investors.
• Analysts have recently downgraded Clearfield's stock rating with a consensus price target of $47.50, while two analysts maintain a "buy" rating and two others have issued a "hold" rating.
• Institutional investors have significantly increased their holdings in Clearfield, with US Bancorp DE growing its stake by 705% during the first quarter of the year.

Clearfield, Inc. (NASDAQ:CLFD - Get Free Report) shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $34.98 and traded as low as $32.08. Clearfield shares last traded at $33.05, with a volume of 190,262 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have commented on CLFD. Wall Street Zen downgraded shares of Clearfield from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Northland Capmk downgraded shares of Clearfield from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Roth Capital reaffirmed a "buy" rating on shares of Clearfield in a report on Thursday, August 7th. Finally, Northland Securities downgraded shares of Clearfield from an "outperform" rating to a "market perform" rating and set a $45.00 price target for the company. in a report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Clearfield Trading Down 1.2%

The stock has a market capitalization of $469.13 million, a P/E ratio of 3,397.00 and a beta of 1.70. The company has a 50-day moving average price of $36.63 and a 200 day moving average price of $35.00.

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

Institutional Investors Weigh In On Clearfield

Several institutional investors have recently bought and sold shares of CLFD. G2 Investment Partners Management LLC acquired a new stake in Clearfield in the second quarter valued at approximately $10,022,000. Select Equity Group L.P. boosted its stake in Clearfield by 770.2% in the first quarter. Select Equity Group L.P. now owns 176,304 shares of the communications equipment provider's stock valued at $5,240,000 after acquiring an additional 156,044 shares in the last quarter. Boothbay Fund Management LLC acquired a new stake in Clearfield in the second quarter valued at approximately $2,307,000. Divisadero Street Capital Management LP acquired a new stake in Clearfield in the second quarter valued at approximately $2,096,000. Finally, Nuveen LLC acquired a new stake in Clearfield in the first quarter valued at approximately $1,016,000. 88.73% of the stock is currently owned by institutional investors and hedge funds.

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.