Clearfield (NASDAQ:CLFD) Issues Q3 2024 Earnings Guidance

Clearfield (NASDAQ:CLFD) updated its third quarter 2024 earnings guidance on Friday. The company provided EPS guidance of -0.380–0.310 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Needham & Company LLC boosted their price target 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 upped their price objective for the stock from $25.00 to $40.00 in a report on Friday. Finally, Roth Mkm reaffirmed a buy rating and set a $47.00 price objective on shares of Clearfield in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $42.40.

Clearfield Stock Performance

Shares of CLFD traded down $1.14 during mid-day trading on Monday, hitting $34.99. 403,400 shares of the stock were exchanged, compared to its average volume of 209,544. The company has a market cap of $514.70 million, a PE ratio of -139.96 and a beta of 1.33. The firm has a 50-day moving average of $30.06 and a two-hundred day moving average of $28.24. Clearfield has a 52-week low of $22.91 and a 52-week high of $50.82.

Clearfield (NASDAQ:CLFD) last announced its quarterly earnings data 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. The company had revenue of $36.90 million for the quarter, compared to the consensus estimate of $31.25 million. Clearfield had a negative return on equity of 1.08% and a negative net margin of 1.79%. Clearfield’s quarterly revenue was down 43.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.67 EPS. On average, sell-side analysts predict that Clearfield will post -0.8 EPS for the current year.

Insider Buying and Selling at Clearfield

In related news, Chairman Ronald G. Roth acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was purchased at an average cost of $29.62 per share, for a total transaction of $59,240.00. Following the purchase, the chairman now directly owns 1,259,796 shares of the company’s stock, valued at approximately $37,315,157.52. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 16.00% of the stock is currently owned by corporate insiders.

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.