Oclaro Inc. (OCLR) Shares Gap Up to $8.89
Oclaro Inc. (NASDAQ:OCLR) gapped up before the market opened on Monday . The stock had previously closed at $8.80, but opened at $8.89. Oclaro shares last traded at $9.10, with a volume of 4,937,833 shares.
OCLR has been the topic of a number of research reports. Stifel Nicolaus increased their target price on shares of Oclaro from $7.50 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, September 6th. Vetr lowered shares of Oclaro from a “strong-buy” rating to a “buy” rating and set a $8.25 target price on the stock. in a report on Monday, August 22nd. Piper Jaffray Cos. reiterated an “overweight” rating and set a $9.00 target price on shares of Oclaro in a report on Wednesday, September 7th. Zacks Investment Research upgraded shares of Oclaro from a “hold” rating to a “strong-buy” rating and set a $8.50 target price on the stock in a report on Wednesday, August 17th. Finally, MKM Partners reiterated a “buy” rating on shares of Oclaro in a report on Monday, June 6th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $7.95.
The company has a market cap of $1.35 billion, a PE ratio of 116.67 and a beta of 1.86. The company’s 50-day moving average price is $7.46 and its 200-day moving average price is $5.60.
Oclaro (NASDAQ:OCLR) last released its earnings results on Wednesday, August 3rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. Oclaro had a net margin of 2.10% and a return on equity of 6.24%. The firm earned $125.20 million during the quarter, compared to the consensus estimate of $119.41 million. During the same period in the previous year, the firm earned ($0.06) earnings per share. Oclaro’s revenue was up 52.3% compared to the same quarter last year. On average, analysts predict that Oclaro Inc. will post $0.39 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 transaction of $117,036.00. Following the transaction, the insider now directly owns 202,584 shares of the company’s stock, valued at $1,215,504. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Lisa Paul sold 9,363 shares of Oclaro stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $7.69, for a total transaction of $72,001.47. Following the transaction, the executive vice president now directly owns 218,264 shares in the company, valued at $1,678,450.16. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantitative Systematic Strategies LLC acquired a new position in shares of Oclaro during the first quarter worth $256,000. Hilltop Park Associates LLC acquired a new position in shares of Oclaro during the first quarter worth $1,080,000. Algert Global LLC acquired a new position in shares of Oclaro during the first quarter worth $150,000. Insight Capital Research & Management Inc. acquired a new position in shares of Oclaro during the first quarter worth $676,000. Finally, Blue Rock Advisors LLC acquired a new position in shares of Oclaro during the first quarter worth $350,000. 62.49% of the stock is currently owned by hedge funds and other institutional investors.
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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