Oclaro Inc. (OCLR) Shares Up 7.6%
Oclaro Inc. (NASDAQ:OCLR)’s share price shot up 7.6% during trading on Monday . The stock traded as high as $5.71 and last traded at $5.63, with a volume of 2,825,355 shares traded. The stock had previously closed at $5.23.
Several brokerages recently commented on OCLR. B. Riley reaffirmed a “buy” rating and set a $7.50 price target on shares of Oclaro in a research report on Thursday, May 12th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $6.75 price objective on shares of Oclaro in a research note on Wednesday, June 1st. Stifel Nicolaus boosted their price objective on shares of Oclaro from $6.00 to $6.50 and gave the stock a “buy” rating in a research note on Wednesday, May 4th. MKM Partners boosted their price objective on shares of Oclaro from $6.00 to $6.50 and gave the stock a “buy” rating in a research note on Wednesday, May 4th. Finally, TheStreet upgraded shares of Oclaro from a “sell” rating to a “hold” rating in a research note on Tuesday, May 3rd. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Oclaro has an average rating of “Buy” and an average price target of $6.31.
The stock’s market capitalization is $653.82 million. The firm’s 50-day moving average is $4.98 and its 200 day moving average is $4.66.
Oclaro (NASDAQ:OCLR) last issued its earnings results on Tuesday, May 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.02. The firm earned $101.10 million during the quarter, compared to the consensus estimate of $98.50 million. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. The business’s quarterly revenue was up 21.8% compared to the same quarter last year. Analysts anticipate that Oclaro Inc. will post $0.10 EPS for the current fiscal year.
A hedge fund recently bought a new stake in Oclaro stock. 1492 Capital Management LLC bought a new stake in shares of Oclaro Inc. (NASDAQ:OCLR) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 916,197 shares of the company’s stock, valued at approximately $3,188,000. Oclaro comprises 2.3% of 1492 Capital Management LLC’s portfolio, making the stock its 12th largest position. 1492 Capital Management LLC owned approximately 0.83% of Oclaro as of its most recent filing with the SEC.
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.