Oclaro Inc. (OCLR) Hits New 52-Week High at $6.08
Shares of Oclaro Inc. (NASDAQ:OCLR) hit a new 52-week high on Tuesday . The stock traded as high as $6.08 and last traded at $6.00, with a volume of 2,915,375 shares changing hands. The stock had previously closed at $5.83.
OCLR has been the subject of several recent research reports. B. Riley reaffirmed a “buy” rating and issued a $7.50 price target on shares of Oclaro in a report on Thursday, May 12th. Craig Hallum upped their price target on Oclaro from $5.25 to $5.75 and gave the company a “buy” rating in a report on Monday, March 28th. Zacks Investment Research cut Oclaro from a “buy” rating to a “hold” rating in a report on Wednesday, July 6th. Drexel Hamilton initiated coverage on Oclaro in a report on Friday, April 8th. They issued a “hold” rating for the company. Finally, Needham & Company LLC raised Oclaro from a “buy” rating to a “strong-buy” rating and upped their price target for the company from $7.00 to $7.50 in a report on Monday. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $6.31.
The stock has a 50-day moving average price of $5.00 and a 200 day moving average price of $4.69. The company’s market capitalization is $672.32 million.
Oclaro (NASDAQ:OCLR) last posted its earnings results on Tuesday, May 3rd. The company reported $0.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.02. The business earned $101.10 million during the quarter, compared to analyst estimates of $98.50 million. The company’s revenue was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.09) EPS. Equities analysts predict that Oclaro Inc. will post $0.10 earnings per share for the current year.
A hedge fund recently bought a new stake in Oclaro stock. 1492 Capital Management LLC bought a new position in Oclaro Inc. (NASDAQ:OCLR) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 holdings, making the stock its 12th largest position. 1492 Capital Management LLC owned 0.83% of Oclaro as of its most recent SEC filing.
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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