Oclaro Inc. (OCLR) Shares Down 3.4%
Oclaro Inc. (NASDAQ:OCLR) shares traded down 3.4% during trading on Wednesday . The company traded as low as $6.11 and last traded at $6.20, with a volume of 2,208,726 shares traded. The stock had previously closed at $6.42.
A number of research analysts recently commented on the company. B. Riley restated a “buy” rating and set a $7.50 price objective on shares of Oclaro in a research note on Tuesday, May 17th. Needham & Company LLC increased their price target on Oclaro from $6.50 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, May 4th. Piper Jaffray Cos. increased their price target on Oclaro from $6.50 to $6.75 and gave the stock an “overweight” rating in a research note on Wednesday, May 4th. Stifel Nicolaus increased their price target on Oclaro from $6.50 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Finally, MKM Partners increased their price target on Oclaro from $6.00 to $6.50 and gave the stock a “buy” rating in a research note on Wednesday, May 4th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $7.00.
The stock has a 50 day moving average of $5.34 and a 200 day moving average of $4.89. The firm has a market capitalization of $694.64 million and a PE ratio of 79.74.
Oclaro (NASDAQ:OCLR) last released its earnings results on Wednesday, August 3rd. The company reported $0.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.05. During the same period last year, the business posted ($0.06) earnings per share. The firm earned $125.20 million during the quarter, compared to analyst estimates of $119.41 million. The firm’s quarterly revenue was up 52.3% on a year-over-year basis. On average, analysts predict that Oclaro Inc. will post $0.38 earnings per share for the current year.
In other news, insider Adam Carter sold 19,506 shares of Oclaro stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $6.00, for a total value of $117,036.00. Following the completion of the sale, the insider now directly owns 202,584 shares of the company’s stock, valued at approximately $1,215,504. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
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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