Oclaro Inc. (OCLR) Shares Down 3.8%
Oclaro Inc. (NASDAQ:OCLR) fell 3.8% during mid-day trading on Wednesday . The stock traded as low as $6.90 and last traded at $7.04, with a volume of 5,216,257 shares changing hands. The stock had previously closed at $7.32.
Several research firms recently issued reports on OCLR. B. Riley reaffirmed a “buy” rating and issued a $7.50 price objective on shares of Oclaro in a research note on Tuesday, May 17th. Needham & Company LLC lifted their price objective on shares of Oclaro from $6.50 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, May 4th. Zacks Investment Research raised shares of Oclaro from a “hold” rating to a “strong-buy” rating and set a $8.50 price objective for the company in a research note on Wednesday. Piper Jaffray Cos. lifted their price objective on shares of Oclaro from $6.50 to $6.75 and gave the company an “overweight” rating in a research note on Wednesday, May 4th. Finally, Stifel Nicolaus lifted their price objective on shares of Oclaro from $6.50 to $7.50 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $7.33.
The stock has a 50-day moving average of $5.60 and a 200-day moving average of $5.01. The company has a market cap of $786.21 million and a P/E ratio of 90.26.
Oclaro (NASDAQ:OCLR) last announced its earnings results on Wednesday, August 3rd. The company reported $0.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.05. During the same quarter in the previous year, the company posted ($0.06) EPS. The business had revenue of $125.20 million for the quarter, compared to analyst estimates of $119.41 million. The business’s revenue for the quarter was up 52.3% compared to the same quarter last year. Analysts forecast that Oclaro Inc. will post $0.39 earnings per share for the current year.
In related news, insider Adam Carter sold 19,506 shares of the stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $6.00, for a total transaction of $117,036.00. Following the completion of the transaction, the insider now owns 202,584 shares in the company, valued at $1,215,504. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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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