Oclaro Inc. (OCLR) Shares Up 3.2%
Oclaro Inc. (NASDAQ:OCLR) shot up 3.2% during mid-day trading 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 recently issued reports on OCLR. B. Riley reaffirmed a “buy” rating and issued a $8.00 target price on shares of Oclaro in a research note on Wednesday, August 3rd. Piper Jaffray Cos. reissued an “overweight” rating and set a $6.75 price target on shares of Oclaro in a research note on Wednesday, June 1st. Stifel Nicolaus 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. 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. Finally, Needham & Company LLC reissued a “strong-buy” rating and set a $8.00 price target (up previously from $7.50) on shares of Oclaro in a research note on Wednesday, August 3rd. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $7.00.
The stock has a market cap of $694.64 million and a price-to-earnings ratio of 79.74. The firm has a 50-day moving average of $5.36 and a 200 day moving average of $4.90.
Oclaro (NASDAQ:OCLR) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.05. During the same quarter last year, the firm posted ($0.06) EPS. The business earned $125.20 million during the quarter, compared to analyst estimates of $119.41 million. The company’s quarterly revenue was up 52.3% compared to the same quarter last year. On average, equities research analysts predict that Oclaro Inc. will post $0.38 earnings per share for the current fiscal year.
In other Oclaro news, insider Adam Carter sold 19,506 shares of Oclaro stock in a transaction that occurred 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 transaction, the insider now owns 202,584 shares in the company, valued at $1,215,504. The transaction was disclosed in a document filed with the SEC, which is available at 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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