Oclaro Inc. (NASDAQ:OCLR)’s share price dropped 4.5% on Tuesday . The company traded as low as $5.51 and last traded at $5.51, with a volume of 2,321,755 shares trading hands. The stock had previously closed at $5.77.

OCLR has been the subject of a number of recent research reports. Zacks Investment Research upgraded Oclaro from a “hold” rating to a “buy” rating and set a $5.25 price objective for the company in a research note on Tuesday, May 10th. Drexel Hamilton initiated coverage on Oclaro in a research note on Friday, April 8th. They set a “hold” rating for the company. MKM Partners reiterated a “buy” rating on shares of Oclaro in a research note on Monday, June 6th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $6.75 price objective on shares of Oclaro in a research note on Wednesday, June 1st. Finally, Needham & Company LLC upgraded Oclaro from a “buy” rating to a “strong-buy” rating and lifted their price objective for the company from $7.00 to $7.50 in a research note on Monday, July 25th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Oclaro currently has an average rating of “Buy” and a consensus target price of $6.31.

The stock has a 50 day moving average of $5.14 and a 200-day moving average of $4.79. The stock’s market cap is $621.29 million.

Oclaro (NASDAQ:OCLR) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. During the same quarter in the prior year, the company earned ($0.06) EPS. The company earned $125.20 million during the quarter, compared to analyst estimates of $119.41 million. The business’s revenue was up 52.3% on a year-over-year basis. On average, equities analysts anticipate that Oclaro Inc. will post $0.10 earnings per share for the current year.

An institutional investor recently bought a new position in Oclaro stock. 1492 Capital Management LLC acquired a new stake in shares of Oclaro Inc. (NASDAQ:OCLR) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 916,197 shares of the company’s stock, valued at approximately $3,188,000. Oclaro comprises approximately 2.3% of 1492 Capital Management LLC’s holdings, making the stock its 12th largest position. 1492 Capital Management LLC owned about 0.83% of Oclaro as of its most recent SEC filing.

Oclaro, Inc is a provider of optical components, modules and subsystems for the optical transport, service provider, enterprise and data center markets. The Company supplies optical network technology to telecommunication and data communication equipment companies across the world. The Company designs, manufactures and markets optical components, modules and subsystems that generate, detect, combine and separate light signals in optical communications networks.

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