Oclaro Inc. (OCLR) Shares Up 3.2%
Oclaro Inc. (NASDAQ:OCLR) shot up 3.2% on Tuesday . The company traded as high as $6.49 and last traded at $6.46, with a volume of 3,002,186 shares trading hands. The stock had previously closed at $6.26.
A number of research firms have weighed in on OCLR. B. Riley restated a “buy” rating and set a $8.00 price target on shares of Oclaro in a research report on Tuesday. Cowen and Company initiated coverage on Oclaro in a research note on Monday. They set an “outperform” rating and a $9.00 price objective on the stock. TheStreet raised Oclaro from a “hold” rating to a “buy” rating in a research note on Wednesday, August 3rd. Needham & Company LLC reaffirmed a “strong-buy” rating and set a $8.00 price objective (up from $7.50) on shares of Oclaro in a research note on Wednesday, August 3rd. Finally, MKM Partners raised their price objective on Oclaro from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Oclaro has a consensus rating of “Buy” and a consensus price target of $7.00.
The stock has a market cap of $716.97 million and a price-to-earnings ratio of 82.31. The firm’s 50 day moving average is $5.28 and its 200-day moving average is $4.87.
Oclaro (NASDAQ:OCLR) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.06 by $0.05. The company earned $125.20 million during the quarter, compared to analysts’ expectations of $119.41 million. During the same quarter in the previous year, the firm earned ($0.06) EPS. The firm’s revenue for the quarter was up 52.3% compared to the same quarter last year. Equities analysts anticipate that Oclaro Inc. will post $0.38 earnings per share for the current year.
In other Oclaro news, insider Adam Carter sold 19,506 shares of the business’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $6.00, for a total value of $117,036.00. Following the sale, the insider now owns 202,584 shares in the company, valued at approximately $1,215,504. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.
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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