Clearfield (NASDAQ:CLFD) Releases Q3 Earnings Guidance

Clearfield (NASDAQ:CLFD) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of ($0.38)-($0.31) for the period, compared to the consensus estimate of ($0.27). The company issued revenue guidance of $40-$44 million, compared to the consensus revenue estimate of $36.67 million.

Clearfield Trading Up 13.2 %

Shares of NASDAQ:CLFD traded up $4.22 on Friday, reaching $36.13. 687,406 shares of the company were exchanged, compared to its average volume of 152,067. The company has a 50-day moving average of $29.95 and a 200-day moving average of $28.18. The firm has a market cap of $531.47 million, a price-to-earnings ratio of -144.52 and a beta of 1.33. Clearfield has a 1-year low of $22.91 and a 1-year high of $50.82.

Clearfield (NASDAQ:CLFD) last issued its earnings results on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.13. Clearfield had a negative net margin of 1.79% and a negative return on equity of 1.06%. The company had revenue of $36.90 million for the quarter, compared to analyst estimates of $31.25 million. During the same period in the prior year, the business posted $0.67 earnings per share. The firm’s revenue for the quarter was down 43.1% compared to the same quarter last year. As a group, analysts forecast that Clearfield will post -0.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

CLFD has been the subject of several research reports. Needham & Company LLC lifted their price objective on Clearfield from $36.00 to $42.00 and gave the stock a buy rating in a report on Friday. Northland Securities raised Clearfield from a market perform rating to an outperform rating and lifted their price target for the stock from $25.00 to $40.00 in a research note on Friday. Finally, Roth Mkm reissued a buy rating and issued a $47.00 price objective on shares of Clearfield in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $42.40.

Insiders Place Their Bets

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

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.