Oclaro Inc. (OCLR) Reaches New 1-Year High at $6.08
Shares of Oclaro Inc. (NASDAQ:OCLR) reached a new 52-week high during trading on Tuesday . The stock traded as high as $6.08 and last traded at $6.00, with a volume of 2,915,375 shares trading hands. The stock had previously closed at $5.83.
Several analysts have recently commented on OCLR shares. Zacks Investment Research raised Oclaro from a “hold” rating to a “buy” rating and set a $5.25 price target for the company in a report on Tuesday, May 10th. Drexel Hamilton started coverage on Oclaro in a research note on Friday, April 8th. They issued a “hold” rating for the company. MKM Partners reaffirmed a “buy” rating on shares of Oclaro in a research note on Monday, June 6th. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $6.75 price objective on shares of Oclaro in a research note on Wednesday, June 1st. Finally, Needham & Company LLC raised Oclaro from a “buy” rating to a “strong-buy” rating and raised their price objective for the company from $7.00 to $7.50 in a research note on Monday. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $6.31.
The firm’s 50-day moving average price is $5.04 and its 200 day moving average price is $4.72. The stock’s market cap is $639.80 million.
Oclaro (NASDAQ:OCLR) last posted its quarterly 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. During the same period in the prior year, the company posted ($0.09) EPS. The company earned $101.10 million during the quarter, compared to the consensus estimate of $98.50 million. Oclaro’s quarterly revenue was up 21.8% on a year-over-year basis. On average, equities analysts forecast that Oclaro Inc. will post $0.10 EPS for the current fiscal year.
An institutional investor recently bought a new position in Oclaro stock. 1492 Capital Management LLC purchased a new stake in shares of Oclaro Inc. (NASDAQ:OCLR) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 916,197 shares of the company’s stock, valued at approximately $3,188,000. Oclaro makes up about 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 at the end of the most recent reporting period.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.