Oclaro Inc. (OCLR) Hits New 52-Week High at $6.94
Oclaro Inc. (NASDAQ:OCLR) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $6.94 and last traded at $6.89, with a volume of 3,899,333 shares trading hands. The stock had previously closed at $6.20.
OCLR has been the subject of a number of recent research reports. B. Riley reiterated a “buy” rating and issued a $5.25 target price on shares of Oclaro in a research note on Monday, May 2nd. Stifel Nicolaus raised their price objective on Oclaro from $6.00 to $6.50 and gave the company a “buy” rating in a research note on Wednesday, May 4th. Needham & Company LLC raised their price objective on Oclaro from $6.50 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, May 4th. Piper Jaffray Cos. raised their price objective on Oclaro from $6.50 to $6.75 and gave the company an “overweight” rating in a research note on Wednesday, May 4th. Finally, MKM Partners raised their price objective on Oclaro from $6.00 to $6.50 and gave the company a “buy” rating in a research note on Wednesday, May 4th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $7.00.
The stock has a market cap of $763.88 million and a P/E ratio of 87.69. The company has a 50-day moving average price of $5.45 and a 200-day moving average price of $4.93.
Oclaro (NASDAQ:OCLR) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. During the same period in the prior year, the firm earned ($0.06) EPS. The company earned $125.20 million during the quarter, compared to analyst estimates of $119.41 million. Oclaro’s quarterly revenue was up 52.3% on a year-over-year basis. On average, analysts expect that Oclaro Inc. will post $0.39 earnings per share for the current year.
In other Oclaro news, insider Adam Carter sold 19,506 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $6.00, for a total value of $117,036.00. Following the completion of the sale, the insider now owns 202,584 shares of the company’s stock, valued at $1,215,504. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
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.