Oclaro Inc. (OCLR) Sets New 12-Month High at $6.94
Shares of Oclaro Inc. (NASDAQ:OCLR) hit a new 52-week high during trading on Friday . The stock traded as high as $6.94 and last traded at $6.89, with a volume of 3,899,333 shares traded. The stock had previously closed at $6.20.
Several brokerages have recently commented on OCLR. Cowen and Company began coverage on shares of Oclaro in a research report on Monday. They set an “outperform” rating and a $9.00 price objective for the company. TheStreet raised shares of Oclaro from a “hold” rating to a “buy” rating in a research report on Wednesday, August 3rd. B. Riley reissued a “buy” rating and issued a $8.00 price target on shares of Oclaro in a research report on Tuesday. Piper Jaffray Cos. reissued an “overweight” rating and issued a $6.75 price target on shares of Oclaro in a research report on Monday, August 1st. Finally, Stifel Nicolaus lifted their price target on shares of Oclaro from $6.50 to $7.50 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $7.00.
The firm’s 50-day moving average is $5.40 and its 200 day moving average is $4.91. The company has a market cap of $766.11 million and a price-to-earnings ratio of 87.95.
Oclaro (NASDAQ:OCLR) last announced its earnings results on Wednesday, August 3rd. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. During the same quarter in the prior year, the company earned ($0.06) EPS. The business had revenue of $125.20 million for the quarter, compared to the consensus estimate of $119.41 million. Oclaro’s revenue was up 52.3% compared to the same quarter last year. On average, equities analysts anticipate that Oclaro Inc. will post $0.39 earnings per share for the current year.
In related news, insider Adam Carter sold 19,506 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $6.00, for a total transaction of $117,036.00. Following the completion of the transaction, the insider now owns 202,584 shares in the company, valued at $1,215,504. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.
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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