Short Interest in Clearfield, Inc. (NASDAQ:CLFD) Grows By 6.3%

Clearfield, Inc. (NASDAQ:CLFD) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,520,000 shares, an increase of 6.3% from the August 15th total of 1,430,000 shares. Based on an average daily volume of 122,800 shares, the days-to-cover ratio is currently 12.4 days. Currently, 12.8% of the company’s shares are short sold.

Clearfield Price Performance

CLFD traded up $0.15 on Tuesday, reaching $39.89. The company had a trading volume of 107,034 shares, compared to its average volume of 168,595. Clearfield has a 52-week low of $22.91 and a 52-week high of $44.83. The company has a market cap of $567.75 million, a price-to-earnings ratio of -161.16 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.73 and a current ratio of 8.38. The business has a 50 day simple moving average of $38.96 and a 200 day simple moving average of $35.65.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings data on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.30. Clearfield had a negative net margin of 5.26% and a negative return on equity of 3.06%. The firm had revenue of $48.79 million for the quarter, compared to analysts’ expectations of $42.13 million. During the same quarter last year, the company posted $0.33 EPS. The business’s quarterly revenue was down 20.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Clearfield will post -0.98 EPS for the current year.

Analysts Set New Price Targets

CLFD has been the subject of a number of recent research reports. Northland Securities boosted their price target on shares of Clearfield from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Roth Mkm decreased their price objective on shares of Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Needham & Company LLC boosted their target price on Clearfield from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, August 5th. StockNews.com raised shares of Clearfield to a “sell” rating in a research report on Monday, August 5th. Finally, Lake Street Capital raised Clearfield from a “hold” rating to a “buy” rating and increased their price objective for the stock from $31.00 to $47.00 in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.75.

Insider Transactions at Clearfield

In related news, Director Walter Louis Jones, Jr. purchased 1,324 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was purchased at an average cost of $37.77 per share, with a total value of $50,007.48. Following the completion of the purchase, the director now owns 6,061 shares in the company, valued at approximately $228,923.97. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 16.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Clearfield

Several hedge funds and other institutional investors have recently bought and sold shares of CLFD. Victory Capital Management Inc. lifted its stake in Clearfield by 70.4% in the fourth quarter. Victory Capital Management Inc. now owns 2,082 shares of the communications equipment provider’s stock worth $61,000 after purchasing an additional 860 shares during the last quarter. Principal Securities Inc. purchased a new stake in Clearfield during the 4th quarter valued at about $25,000. Trexquant Investment LP boosted its holdings in Clearfield by 67.0% during the 4th quarter. Trexquant Investment LP now owns 27,754 shares of the communications equipment provider’s stock valued at $807,000 after acquiring an additional 11,137 shares during the period. Quest Partners LLC bought a new position in Clearfield during the 4th quarter worth approximately $297,000. Finally, Weil Company Inc. purchased a new position in Clearfield in the 4th quarter worth approximately $206,000. Hedge funds and other institutional investors 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.