Clearfield (NASDAQ:CLFD) Shares Cross Below 200 Day Moving Average – Here’s What Happened

Shares of Clearfield, Inc. (NASDAQ:CLFD) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $35.28 and traded as low as $33.85. Clearfield shares last traded at $35.15, with a volume of 107,466 shares trading hands.

Analyst Ratings Changes

CLFD has been the topic of a number of recent research reports. Northland Capmk cut shares of Clearfield from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 7th. Northland Securities cut shares of Clearfield from an “outperform” rating to a “market perform” rating and set a $45.00 target price on the stock. in a research note on Thursday, August 7th. Wall Street Zen cut shares of Clearfield from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Roth Capital reiterated a “buy” rating on shares of Clearfield in a research note on Thursday, August 7th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Clearfield presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Clearfield Trading Up 2.2%

The stock’s fifty day moving average price is $35.22 and its 200 day moving average price is $35.28. The stock has a market cap of $485.42 million, a P/E ratio of 3,515.00 and a beta of 1.78.

Clearfield (NASDAQ:CLFD) last announced its earnings results on Wednesday, August 6th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.06. Clearfield had a net margin of 0.11% and a return on equity of 0.07%. The company had revenue of $49.90 million during the quarter, compared to analyst estimates of $47.58 million. On average, analysts anticipate that Clearfield, Inc. will post -0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Clearfield by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,222 shares of the communications equipment provider’s stock worth $215,000 after acquiring an additional 312 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in Clearfield by 5.7% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 11,895 shares of the communications equipment provider’s stock worth $516,000 after buying an additional 645 shares during the last quarter. US Bancorp DE raised its holdings in Clearfield by 705.0% in the first quarter. US Bancorp DE now owns 966 shares of the communications equipment provider’s stock worth $29,000 after buying an additional 846 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Clearfield by 3.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 26,488 shares of the communications equipment provider’s stock worth $821,000 after buying an additional 960 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Clearfield by 116.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,882 shares of the communications equipment provider’s stock worth $82,000 after buying an additional 1,012 shares during the last quarter. 88.73% of the stock is currently owned by hedge funds and other institutional investors.

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.