Clearfield Inc (NASDAQ:CLFD) Sees Significant Decrease in Short Interest

Clearfield Inc (NASDAQ:CLFD) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 107,500 shares, a drop of 6.9% from the July 31st total of 115,500 shares. Based on an average daily trading volume, of 20,500 shares, the days-to-cover ratio is currently 5.2 days. Currently, 1.0% of the shares of the stock are short sold.

Several brokerages recently weighed in on CLFD. Roth Capital began coverage on Clearfield in a research note on Wednesday, August 21st. They set a “buy” rating and a $19.00 target price for the company. Northland Securities reaffirmed a “buy” rating and set a $17.00 target price on shares of Clearfield in a research note on Friday, July 26th. Zacks Investment Research raised Clearfield from a “sell” rating to a “hold” rating in a research note on Wednesday, June 26th. Finally, ValuEngine cut Clearfield from a “buy” rating to a “hold” rating in a research note on Tuesday, June 4th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $16.33.

Several hedge funds and other institutional investors have recently made changes to their positions in CLFD. Cadence Capital Management LLC purchased a new stake in shares of Clearfield during the first quarter valued at $1,232,000. Vanguard Group Inc. lifted its holdings in shares of Clearfield by 13.0% during the second quarter. Vanguard Group Inc. now owns 566,494 shares of the communications equipment provider’s stock valued at $7,506,000 after purchasing an additional 65,274 shares during the last quarter. Evercore Wealth Management LLC lifted its holdings in shares of Clearfield by 137.6% during the second quarter. Evercore Wealth Management LLC now owns 48,800 shares of the communications equipment provider’s stock valued at $647,000 after purchasing an additional 28,260 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Clearfield by 2.1% during the second quarter. Renaissance Technologies LLC now owns 546,299 shares of the communications equipment provider’s stock valued at $7,238,000 after purchasing an additional 11,300 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its holdings in shares of Clearfield by 58.9% during the second quarter. Panagora Asset Management Inc. now owns 28,214 shares of the communications equipment provider’s stock valued at $374,000 after purchasing an additional 10,454 shares during the last quarter. 29.68% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ CLFD traded up $0.30 during mid-day trading on Friday, hitting $12.77. 1,028 shares of the company traded hands, compared to its average volume of 36,538. Clearfield has a 1 year low of $8.41 and a 1 year high of $16.75. The stock has a market capitalization of $164.78 million, a price-to-earnings ratio of 39.69 and a beta of 1.52. The business has a 50 day moving average of $11.69 and a two-hundred day moving average of $13.59.

Clearfield (NASDAQ:CLFD) last announced its earnings results on Thursday, July 25th. The communications equipment provider reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01. Clearfield had a return on equity of 6.43% and a net margin of 5.46%. The business had revenue of $21.89 million during the quarter, compared to the consensus estimate of $22.50 million. As a group, equities analysts expect that Clearfield will post 0.3 EPS for the current fiscal year.

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.

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