Clearfield (NASDAQ:CLFD) Updates Q4 2024 Earnings Guidance

Clearfield (NASDAQ:CLFD) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of -0.220–0.170 for the period, compared to the consensus earnings per share estimate of -0.250. The company issued revenue guidance of $40.0 million-$43.0 million, compared to the consensus revenue estimate of $43.1 million.

Clearfield Stock Down 8.5 %

Shares of NASDAQ:CLFD traded down $3.62 during midday trading on Friday, hitting $39.02. 358,641 shares of the stock traded hands, compared to its average volume of 114,880. The stock has a market capitalization of $555.25 million, a PE ratio of -156.08 and a beta of 1.39. The business’s 50 day moving average is $39.26 and its two-hundred day moving average is $33.55. Clearfield has a one year low of $22.91 and a one year high of $46.69.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings data on Thursday, August 1st. The communications equipment provider reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.30. The firm had revenue of $48.79 million during the quarter, compared to the consensus estimate of $42.13 million. Clearfield had a negative net margin of 5.26% and a negative return on equity of 3.00%. The company’s quarterly revenue was down 20.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 earnings per share. As a group, sell-side analysts forecast that Clearfield will post -1.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CLFD shares. Northland Securities boosted their price target on shares of Clearfield from $40.00 to $45.00 and gave the company an outperform rating in a research report on Friday. Needham & Company LLC reiterated a buy rating and set a $42.00 price target on shares of Clearfield in a research report on Thursday, May 16th. StockNews.com upgraded shares of Clearfield to a sell rating in a research report on Friday, June 21st. Roth Mkm reduced their price target on shares of Clearfield from $47.00 to $45.00 and set a buy rating on the stock in a research report on Friday. Finally, Lake Street Capital upgraded shares of Clearfield from a hold rating to a buy rating and boosted their price target for the company from $31.00 to $47.00 in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $44.80.

Insider Activity

In other news, Chairman Ronald G. Roth purchased 2,000 shares of Clearfield stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average price of $36.40 per share, with a total value of $72,800.00. Following the completion of the transaction, the chairman now directly owns 1,261,796 shares of the company’s stock, valued at $45,929,374.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 16.00% of the company’s stock.

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.