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

A number of equities analysts have commented on the stock. Northland Securities raised shares of Clearfield from a market perform rating to an outperform rating and boosted their price target for the stock from $25.00 to $40.00 in a research note on Friday. Needham & Company LLC boosted their price target on shares of Clearfield from $36.00 to $42.00 and gave the stock a buy rating in a research note on Friday. Finally, Roth Mkm restated a buy rating and issued a $47.00 price objective on shares of Clearfield in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Clearfield currently 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, reaching $34.99. The company’s stock had a trading volume of 403,400 shares, compared to its average volume of 209,544. The stock has a market cap of $514.70 million, a PE ratio of -139.96 and a beta of 1.33. Clearfield has a 52 week low of $22.91 and a 52 week high of $50.82. The company’s fifty day moving average price is $30.06 and its two-hundred day moving average price is $28.24.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings results on Thursday, May 2nd. The communications equipment provider reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $36.90 million during the quarter, compared to analyst estimates of $31.25 million. During the same period in the prior year, the business posted $0.67 EPS. The firm’s revenue was down 43.1% compared to the same quarter last year. Research analysts anticipate that Clearfield will post -0.8 EPS for the current year.

Insider Activity at Clearfield

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