Clearfield, Inc. (NASDAQ:CLFD) Sees Significant Growth in Short Interest

Clearfield, Inc. (NASDAQ:CLFD) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 2,200,000 shares, a growth of 5.3% from the October 15th total of 2,090,000 shares. Based on an average daily trading volume, of 188,100 shares, the short-interest ratio is presently 11.7 days. Approximately 17.1% of the company’s shares are short sold.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Spire Wealth Management grew its position in shares of Clearfield by 140.0% in the 1st quarter. Spire Wealth Management now owns 600 shares of the communications equipment provider’s stock worth $28,000 after buying an additional 350 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Clearfield by 54.4% in the 3rd quarter. Tower Research Capital LLC TRC now owns 690 shares of the communications equipment provider’s stock worth $72,000 after purchasing an additional 243 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Clearfield in the 1st quarter worth approximately $55,000. State of Wyoming boosted its stake in Clearfield by 140.6% in the 4th quarter. State of Wyoming now owns 854 shares of the communications equipment provider’s stock worth $80,000 after purchasing an additional 499 shares in the last quarter. Finally, KBC Group NV acquired a new stake in Clearfield in the 2nd quarter worth approximately $45,000. Hedge funds and other institutional investors own 66.56% of the company’s stock.

Clearfield Price Performance

NASDAQ CLFD traded up $0.53 during trading on Friday, reaching $26.71. 147,403 shares of the company’s stock traded hands, compared to its average volume of 319,628. The firm has a market cap of $407.65 million, a price-to-earnings ratio of 12.31 and a beta of 1.42. The company’s 50 day simple moving average is $27.33 and its two-hundred day simple moving average is $36.83. Clearfield has a 12-month low of $22.91 and a 12-month high of $134.90.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings data on Thursday, November 9th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.08. Clearfield had a net margin of 12.11% and a return on equity of 10.61%. The firm had revenue of $49.70 million for the quarter, compared to the consensus estimate of $48.76 million. During the same quarter in the previous year, the firm earned $1.22 EPS. The company’s quarterly revenue was down 47.7% compared to the same quarter last year. Research analysts expect that Clearfield will post -0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on CLFD. StockNews.com downgraded shares of Clearfield from a “hold” rating to a “sell” rating in a research note on Wednesday, November 1st. Northland Securities downgraded shares of Clearfield from an “outperform” rating to a “market perform” rating and set a $45.00 price target on the stock. in a research note on Friday, August 4th. Northcoast Research reaffirmed a “market perform” rating and issued a $45.00 price target on shares of Clearfield in a research note on Friday, August 4th. Finally, Needham & Company LLC cut their target price on shares of Clearfield from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $77.57.

Clearfield Company Profile

Clearfield, Inc manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures.