Oclaro Inc. (OCLR) Shares Up 4.8%
Oclaro Inc. (NASDAQ:OCLR) shares shot up 4.8% during trading on Monday . The company traded as high as $7.19 and last traded at $7.17, with a volume of 5,833,311 shares trading hands. The stock had previously closed at $6.84.
A number of research firms have recently commented on OCLR. Cowen and Company began coverage on shares of Oclaro in a research note on Monday, August 8th. 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 note on Wednesday, August 3rd. B. Riley reaffirmed a “buy” rating and set a $8.00 price objective on shares of Oclaro in a research note on Tuesday, August 9th. Piper Jaffray Cos. reissued an “overweight” rating and set a $6.75 target price on shares of Oclaro in a research report on Monday, August 1st. Finally, Stifel Nicolaus increased their target price on shares of Oclaro from $6.50 to $7.50 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Two equities 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 stock. The company currently has an average rating of “Buy” and a consensus price target of $7.00.
The stock’s 50 day moving average is $5.52 and its 200 day moving average is $4.98. The stock has a market capitalization of $800.73 million and a P/E ratio of 91.92.
Oclaro (NASDAQ:OCLR) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.05. The company earned $125.20 million during the quarter, compared to analyst estimates of $119.41 million. During the same quarter last year, the business earned ($0.06) EPS. The company’s revenue for the quarter was up 52.3% compared to the same quarter last year. On average, analysts forecast that Oclaro Inc. will post $0.39 EPS for the current fiscal year.
In related news, insider Adam Carter sold 19,506 shares of the stock in a transaction on 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 transaction, the insider now owns 202,584 shares in the company, valued at approximately $1,215,504. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
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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