Clearfield (NASDAQ:CLFD) Share Price Crosses Above 50 Day Moving Average – Should You Sell?

Shares of Clearfield, Inc. (NASDAQ:CLFD) passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $30.70 and traded as high as $31.64. Clearfield shares last traded at $31.27, with a volume of 198,664 shares.

Wall Street Analyst Weigh In

CLFD has been the topic of several analyst reports. Lake Street Capital set a $38.00 price target on shares of Clearfield in a research note on Thursday, August 6th. Needham & Company LLC reduced their price objective on shares of Clearfield from $52.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Weiss Ratings cut shares of Clearfield from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday. Finally, Zacks Research raised shares of Clearfield from a “strong sell” rating to a “hold” rating in a research report on Friday, October 30th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Clearfield has a consensus rating of “Moderate Buy” and an average price target of $41.75.

Clearfield Price Performance

The company has a market cap of $424.77 million, a price-to-earnings ratio of 223.36 and a beta of 2.06. The firm has a fifty day simple moving average of $30.70 and a 200 day simple moving average of $32.46.

Institutional Investors Weigh In On Clearfield

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Cetera Trust Company N.A acquired a new position in shares of Clearfield during the 2nd quarter worth about $80,000. Legal & General Group Plc bought a new stake in Clearfield during the 2nd quarter valued at approximately $89,000. State of Wyoming acquired a new stake in Clearfield in the 2nd quarter valued at approximately $96,000. Lotus Technology Management LP acquired a new stake in Clearfield in the 2nd quarter valued at approximately $236,000. Finally, K2 Principal Fund L.P. acquired a new stake in Clearfield in the 2nd quarter valued at approximately $291,000. 88.73% of the stock is owned by institutional investors and hedge funds.

Clearfield Company Profile

Clearfield, Inc. designs, manufactures and distributes fiber-optic management and connectivity products used to build and maintain broadband networks. Its solutions help service providers organize, protect and connect fiber from central offices and network hubs to homes and businesses. The company’s offerings include fiber distribution cabinets, enclosures, panels, wall boxes and related connectivity components. Its product lines include FieldSmart, YOURx and StreetSmart, which are designed for applications such as fiber-to-the-home deployments and other access-network environments.