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 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.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CLFD shares. Roth Mkm reissued a buy rating and set a $47.00 price objective on shares of Clearfield in a report on Wednesday, May 1st. Needham & Company LLC raised their price target on Clearfield from $36.00 to $42.00 and gave the company a buy rating in a report on Friday. Finally, 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. 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 company’s stock. According to MarketBeat.com, Clearfield has a consensus rating of Hold and an average price target of $42.40.

Clearfield Price Performance

Shares of NASDAQ CLFD traded down $1.14 during mid-day trading on Monday, hitting $34.99. 403,400 shares of the company’s stock traded hands, compared to its average volume of 209,544. The company has a market capitalization of $514.70 million, a P/E ratio of -139.96 and a beta of 1.33. Clearfield has a 1 year low of $22.91 and a 1 year high of $50.82. The company’s 50-day moving average is $30.06 and its two-hundred day moving average is $28.24.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings data on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.13. The business 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%. The company’s quarterly revenue was down 43.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.67 earnings per share. Equities analysts anticipate that Clearfield will post -0.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman Ronald G. Roth purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were bought at an average cost of $29.62 per share, for a total transaction of $59,240.00. Following the acquisition, the chairman now 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 the SEC website. 16.00% of the stock is owned by 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.