Clearfield (NASDAQ:CLFD) Posts Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Clearfield (NASDAQ:CLFD) posted its quarterly earnings data on Thursday. The communications equipment provider reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.13, Briefing.com reports. The firm had revenue of $46.80 million for the quarter, compared to analysts’ expectations of $41.95 million. Clearfield had a negative return on equity of 3.06% and a negative net margin of 5.26%. The business’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 EPS.

Clearfield Stock Performance

CLFD opened at $34.20 on Friday. The firm has a 50-day simple moving average of $37.49 and a two-hundred day simple moving average of $37.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.38 and a quick ratio of 5.73. Clearfield has a 52 week low of $23.45 and a 52 week high of $44.83.

Analysts Set New Price Targets

CLFD has been the topic of several analyst reports. Lake Street Capital raised shares of Clearfield from a “hold” rating to a “buy” rating and lifted their price target for the company from $31.00 to $47.00 in a report on Friday, August 2nd. Northland Securities lifted their target price on shares of Clearfield from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Roth Mkm cut their price target on Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $50.00 price objective on shares of Clearfield in a research report on Friday. Finally, StockNews.com upgraded Clearfield from a “sell” rating to a “hold” rating in a research report on Thursday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Clearfield currently has an average rating of “Moderate Buy” and an average target price of $46.75.

About Clearfield

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.