Clearfield (NASDAQ:CLFD) Updates Q3 2024 Earnings Guidance

Clearfield (NASDAQ:CLFD) issued an update on its third quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of -0.380–0.310 for the period, compared to the consensus earnings per share 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.

Clearfield Stock Performance

Shares of CLFD stock traded down $1.14 on Monday, hitting $34.99. The company’s stock had a trading volume of 403,400 shares, compared to its average volume of 209,544. The company has a market capitalization of $514.70 million, a PE ratio of -139.96 and a beta of 1.33. Clearfield has a fifty-two week low of $22.91 and a fifty-two week high of $50.82. The stock’s 50 day moving average is $30.06 and its 200-day moving average is $28.24.

Clearfield (NASDAQ:CLFD) last announced its quarterly earnings data on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.13. The firm had revenue of $36.90 million for the quarter, compared to the consensus estimate of $31.25 million. Clearfield had a negative net margin of 1.79% and a negative return on equity of 1.08%. The business’s revenue for the quarter was down 43.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.67 earnings per share. On average, research analysts forecast that Clearfield will post -0.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CLFD. Northland Securities upgraded shares of 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 note on Friday. Needham & Company LLC raised their price target on shares of Clearfield from $36.00 to $42.00 and gave the company a buy rating in a research note on Friday. Finally, Roth Mkm restated a buy rating and issued a $47.00 price target on shares of Clearfield in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and a consensus price target of $42.40.

Insider Activity at Clearfield

In other Clearfield news, Chairman Ronald G. Roth acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was acquired at an average price 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 in the company, valued at $37,315,157.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 16.00% of the stock is 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.