Clearfield (NASDAQ:CLFD) Releases Q3 2024 Earnings Guidance

Clearfield (NASDAQ:CLFD) updated its third quarter 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of -0.380–0.310 for the period, compared to the consensus estimate of -0.260. The company issued revenue guidance of $40.0 million-$44.0 million, compared to the consensus revenue estimate of $37.6 million.

Wall Street Analysts Forecast Growth

CLFD has been the topic of several research analyst reports. Northland Securities raised Clearfield from a market perform rating to an outperform rating and raised their price target for the company from $25.00 to $40.00 in a research report on Friday. Roth Mkm reaffirmed a buy rating and issued a $47.00 price target on shares of Clearfield in a research report on Wednesday, May 1st. Finally, Needham & Company LLC raised their price target on Clearfield from $36.00 to $42.00 and gave the company a buy rating in a research report on Friday. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $42.40.

Clearfield Trading Down 3.2 %

Shares of CLFD traded down $1.14 during mid-day trading on Monday, hitting $34.99. 403,400 shares of the company traded hands, compared to its average volume of 209,544. Clearfield has a one year low of $22.91 and a one year high of $50.82. The business has a 50-day moving average of $30.06 and a 200 day moving average of $28.24. The stock has a market capitalization of $514.70 million, a price-to-earnings ratio of -139.96 and a beta of 1.33.

Clearfield (NASDAQ:CLFD) last released its quarterly earnings results on Thursday, May 2nd. The communications equipment provider reported ($0.40) EPS for the quarter, beating 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 1.08%. The business had revenue of $36.90 million for the quarter, compared to analysts’ expectations of $31.25 million. During the same period in the prior year, the firm earned $0.67 earnings per share. Clearfield’s revenue was down 43.1% compared to the same quarter last year. As a group, analysts anticipate that Clearfield will post -0.8 earnings per share for the current year.

Insider Buying and Selling at Clearfield

In other Clearfield news, Chairman Ronald G. Roth acquired 2,000 shares of Clearfield stock in a transaction on Friday, February 23rd. The shares were purchased at an average cost of $29.62 per share, with a total value of $59,240.00. Following the completion of the purchase, the chairman now owns 1,259,796 shares in the company, valued at $37,315,157.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 16.00% 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.