Clearfield (NASDAQ:CLFD) Announces Earnings Results, Beats Estimates By $0.13 EPS

Clearfield (NASDAQ:CLFD) posted its quarterly earnings data on Thursday. The communications equipment provider reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.13, Briefing.com reports. Clearfield had a negative net margin of 5.26% and a negative return on equity of 3.06%. The business had revenue of $46.80 million during the quarter, compared to analysts’ expectations of $41.95 million. During the same quarter in the prior year, the business posted $0.17 earnings per share. Clearfield’s revenue was down 5.8% compared to the same quarter last year.

Clearfield Trading Down 6.1 %

Shares of CLFD stock traded down $2.23 during trading hours on Friday, hitting $34.57. 302,288 shares of the company’s stock traded hands, compared to its average volume of 155,819. The company has a quick ratio of 5.73, a current ratio of 8.38 and a debt-to-equity ratio of 0.01. Clearfield has a 12 month low of $23.45 and a 12 month high of $44.83. The stock has a market cap of $492.28 million, a PE ratio of -55.66 and a beta of 1.35. The stock’s 50 day simple moving average is $37.55 and its 200 day simple moving average is $37.61.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Clearfield in a report on Friday. StockNews.com raised Clearfield from a “sell” rating to a “hold” rating in a report on Thursday. Roth Mkm decreased their price target on Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Northland Securities upped their price objective on Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Lake Street Capital raised Clearfield from a “hold” rating to a “buy” rating and raised their price objective for the company from $31.00 to $47.00 in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Clearfield presently has a consensus rating of “Moderate Buy” and an average price target of $46.75.

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.