Oclaro Inc. (OCLR) Sets New 52-Week High at $7.56
Oclaro Inc. (NASDAQ:OCLR) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $7.56 and last traded at $7.53, with a volume of 1,783,436 shares traded. The stock had previously closed at $7.38.
Several research firms have commented on OCLR. Vetr lowered shares of Oclaro from a “strong-buy” rating to a “buy” rating and set a $8.25 price objective for the company. in a research note on Monday. Zacks Investment Research raised shares of Oclaro from a “hold” rating to a “strong-buy” rating and set a $8.50 target price for the company in a research note on Wednesday, August 17th. B. Riley reissued a “buy” rating and set a $8.00 target price on shares of Oclaro in a research note on Tuesday, August 9th. Cowen and Company began coverage on shares of Oclaro in a research note on Monday, August 8th. They set an “outperform” rating and a $9.00 target price for the company. Finally, TheStreet raised shares of Oclaro from a “hold” rating to a “buy” rating in a research note on Wednesday, August 3rd. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $7.41.
The company has a market cap of $819.72 million and a PE ratio of 94.10. The stock’s 50-day moving average is $6.00 and its 200-day moving average is $5.15.
Oclaro (NASDAQ:OCLR) last announced its earnings results on Wednesday, August 3rd. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. The firm had revenue of $125.20 million for the quarter, compared to analysts’ expectations of $119.41 million. The business’s revenue was up 52.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.06) earnings per share. Analysts forecast that Oclaro Inc. will post $0.39 EPS for the current year.
In other news, insider Adam Carter sold 19,506 shares of Oclaro stock in a transaction dated 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 transaction, the insider now owns 202,584 shares in the company, valued at approximately $1,215,504. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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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