Oclaro Inc. (OCLR) Stock Price Up 7.6%
Oclaro Inc. (NASDAQ:OCLR) shot up 7.6% during mid-day trading on Monday . The company traded as high as $5.71 and last traded at $5.63, with a volume of 2,825,355 shares. The stock had previously closed at $5.23.
A number of research firms recently weighed in on OCLR. B. Riley reissued a “buy” rating and set a $7.50 target price on shares of Oclaro in a report on Thursday, May 12th. Piper Jaffray Cos. reissued an “overweight” rating and set a $6.75 target price on shares of Oclaro in a report on Wednesday, June 1st. Stifel Nicolaus boosted their target price on Oclaro from $6.00 to $6.50 and gave the stock a “buy” rating in a report on Wednesday, May 4th. MKM Partners boosted their target price on Oclaro from $6.00 to $6.50 and gave the stock a “buy” rating in a report on Wednesday, May 4th. Finally, TheStreet raised Oclaro from a “sell” rating to a “hold” rating in a report on Tuesday, May 3rd. Three equities research 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 stock. The stock currently has an average rating of “Buy” and a consensus target price of $6.31.
The stock has a 50 day moving average of $5.03 and a 200-day moving average of $4.71. The company’s market cap is $664.47 million.
Oclaro (NASDAQ:OCLR) last posted its earnings results on Tuesday, May 3rd. The company reported $0.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.02. During the same quarter in the prior year, the business earned ($0.09) EPS. The company earned $101.10 million during the quarter, compared to the consensus estimate of $98.50 million. The firm’s revenue for the quarter was up 21.8% compared to the same quarter last year. On average, equities research analysts anticipate 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 shares of Oclaro Inc. (NASDAQ:OCLR) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 holdings, making the stock its 12th largest position. 1492 Capital Management LLC owned approximately 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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