208,727 Clearfield, Inc. $CLFD Shares Purchased by AIGH Capital Management LLC

Key Points

• AIGH Capital Management increased its Clearfield stake by 20.7%, purchasing 208,727 shares in the third quarter and ending with 1.22 million shares, worth about $37.9 million.
• Clearfield reported quarterly EPS of $0.22, beating the $0.19 consensus estimate, while revenue of $43.86 million fell slightly short of expectations.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $41.75; shares opened at $28.72, below their 50- and 200-day moving averages.

AIGH Capital Management LLC grew its holdings in Clearfield, Inc. (NASDAQ:CLFD - Free Report) by 20.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,217,196 shares of the communications equipment provider's stock after purchasing an additional 208,727 shares during the period. Clearfield makes up about 3.8% of AIGH Capital Management LLC's portfolio, making the stock its 7th biggest position. AIGH Capital Management LLC owned about 8.96% of Clearfield worth $37,903,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Sequoia Financial Advisors LLC raised its stake in Clearfield by 14.8% during the second quarter. Sequoia Financial Advisors LLC now owns 14,270 shares of the communications equipment provider's stock worth $568,000 after acquiring an additional 1,837 shares in the last quarter. Cetera Trust Company N.A acquired a new stake in shares of Clearfield in the 2nd quarter valued at approximately $80,000. Legal & General Group Plc bought a new stake in shares of Clearfield during the 2nd quarter valued at approximately $89,000. State of Wyoming bought a new stake in shares of Clearfield during the 2nd quarter valued at approximately $96,000. Finally, Lotus Technology Management LP bought a new stake in shares of Clearfield during the 2nd quarter valued at approximately $236,000. Institutional investors own 88.73% of the company's stock.

Clearfield Stock Performance

CLFD stock opened at $28.72 on Friday. The company has a fifty day moving average price of $30.58 and a 200-day moving average price of $32.48. The company has a market capitalization of $390.02 million, a P/E ratio of 113.38 and a beta of 2.06. Clearfield, Inc. has a 52-week low of $23.76 and a 52-week high of $52.73.

Clearfield (NASDAQ:CLFD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The communications equipment provider reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.03. The company had revenue of $43.86 million for the quarter, compared to analysts' expectations of $43.92 million. Clearfield had a negative net margin of 4.71% and a positive return on equity of 1.61%. As a group, sell-side analysts forecast that Clearfield, Inc. will post 0.23 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CLFD has been the subject of several research reports. Zacks Research raised shares of Clearfield from a "strong sell" rating to a "hold" rating in a research note on Friday, October 30th. Needham & Company LLC decreased their target price on shares of Clearfield from $52.00 to $40.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Lake Street Capital set a $38.00 target price on shares of Clearfield in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Clearfield from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday, October 8th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.75.

Clearfield Profile

Clearfield, Inc NASDAQ: CLFD designs, manufactures and sells fiber optic connectivity products used to deploy, manage and protect broadband networks. Its portfolio includes fiber distribution cabinets, panels, terminals, enclosures, splice solutions and other components that support fiber installation from the central office or data center through the outside plant and to end users.

The company markets its products under brands including FieldSmart and WaveSmart. Clearfield's solutions are designed for communications service providers, community broadband operators, utilities, municipalities, government organizations and other network owners building fiber-to-the-home, fiber-to-the-premises and related broadband infrastructure.

Clearfield was founded in 2008 and is headquartered in Minneapolis, Minnesota.

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