Roth Capital Comments on Clearfield, Inc.’s Q3 2024 Earnings (NASDAQ:CLFD)

Clearfield, Inc. (NASDAQ:CLFD) – Investment analysts at Roth Capital decreased their Q3 2024 earnings per share estimates for shares of Clearfield in a report issued on Wednesday, May 1st. Roth Capital analyst S. Searle now forecasts that the communications equipment provider will post earnings per share of ($0.20) for the quarter, down from their previous estimate of ($0.15). The consensus estimate for Clearfield’s current full-year earnings is ($0.80) per share. Roth Capital also issued estimates for Clearfield’s FY2024 earnings at ($0.44) EPS.

Clearfield (NASDAQ:CLFD) last announced its earnings results on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.13. Clearfield had a negative return on equity of 1.06% and a negative net margin of 1.79%. The firm had revenue of $36.90 million during the quarter, compared to analyst estimates of $31.25 million. During the same period last year, the firm posted $0.67 EPS. The business’s revenue was down 43.1% compared to the same quarter last year.

Several other equities research analysts have also issued reports on CLFD. Northland Securities raised Clearfield from a “market perform” rating to an “outperform” rating and raised their target price for the company from $25.00 to $40.00 in a research report on Friday. Roth Mkm reaffirmed a “buy” rating and set a $47.00 target price on shares of Clearfield in a research report on Wednesday. Finally, Needham & Company LLC raised their target price on Clearfield from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Clearfield currently has a consensus rating of “Hold” and an average price target of $42.40.

Clearfield Price Performance

Shares of Clearfield stock opened at $36.13 on Friday. Clearfield has a 1 year low of $22.91 and a 1 year high of $50.82. The firm has a market cap of $531.47 million, a PE ratio of -144.52 and a beta of 1.33. The stock has a fifty day moving average price of $29.95 and a 200-day moving average price of $28.17.

Insider Buying and Selling

In other news, Chairman Ronald G. Roth acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was bought at an average price of $29.62 per share, with a total value of $59,240.00. Following the acquisition, the chairman now owns 1,259,796 shares in the company, valued at approximately $37,315,157.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 16.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Principal Securities Inc. purchased a new position in Clearfield during the 4th quarter valued at about $25,000. Parkside Financial Bank & Trust grew its holdings in Clearfield by 134.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,130 shares of the communications equipment provider’s stock valued at $33,000 after buying an additional 648 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Clearfield by 70.4% during the 4th quarter. Victory Capital Management Inc. now owns 2,082 shares of the communications equipment provider’s stock valued at $61,000 after buying an additional 860 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Clearfield by 109.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,721 shares of the communications equipment provider’s stock valued at $78,000 after buying an additional 1,423 shares in the last quarter. Finally, CWM LLC grew its holdings in Clearfield by 28.1% during the 4th quarter. CWM LLC now owns 2,936 shares of the communications equipment provider’s stock valued at $85,000 after buying an additional 644 shares in the last quarter. 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.