Oclaro Inc. (OCLR) Sees Large Decrease in Short Interest
Oclaro Inc. (NASDAQ:OCLR) saw a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 6,310,845 shares, a decline of 17.7% from the August 15th total of 7,664,176 shares. Based on an average daily volume of 3,804,776 shares, the days-to-cover ratio is presently 1.7 days. Currently, 4.5% of the shares of the company are sold short.
Oclaro (NASDAQ:OCLR) opened at 8.87 on Thursday. Oclaro has a 12 month low of $2.24 and a 12 month high of $9.21. The stock’s 50 day moving average is $7.64 and its 200-day moving average is $5.65. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 113.72 and a beta of 1.86.
Oclaro (NASDAQ:OCLR) last posted its earnings results on Wednesday, August 3rd. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The company earned $125.20 million during the quarter, compared to analysts’ expectations of $119.41 million. Oclaro had a net margin of 2.10% and a return on equity of 6.24%. Oclaro’s quarterly revenue was up 52.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.06) EPS. Equities analysts anticipate that Oclaro will post $0.40 earnings per share for the current fiscal year.
In other news, EVP Lisa Paul sold 9,363 shares of the business’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $7.69, for a total transaction of $72,001.47. Following the transaction, the executive vice president now owns 218,264 shares in the company, valued at approximately $1,678,450.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $117,036.00. Following the transaction, the insider now owns 202,584 shares in the company, valued at approximately $1,215,504. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Bayesian Capital Management LP bought a new stake in Oclaro during the first quarter worth about $107,000. Peconic Partners LLC boosted its stake in Oclaro by 100.0% in the first quarter. Peconic Partners LLC now owns 20,000 shares of the company’s stock worth $108,000 after buying an additional 10,000 shares in the last quarter. Stifel Financial Corp bought a new stake in Oclaro during the second quarter worth about $108,000. Compagnie Lombard Odier SCmA bought a new stake in Oclaro during the second quarter worth about $122,000. Finally, BlackRock Group LTD bought a new stake in Oclaro during the second quarter worth about $124,000. Institutional investors own 62.49% of the company’s stock.
Several research firms have recently issued reports on OCLR. B. Riley restated a “buy” rating and set a $8.00 price objective on shares of Oclaro in a report on Tuesday, August 9th. Needham & Company LLC reiterated a “strong-buy” rating and set a $8.00 target price (up from $7.50) on shares of Oclaro in a research report on Wednesday, August 3rd. Stifel Nicolaus lifted their target price 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. Cowen and Company began coverage on shares of Oclaro in a research report on Monday, August 8th. They set an “outperform” rating and a $9.00 target price on the stock. Finally, TheStreet upgraded shares of Oclaro from a “hold” rating to a “buy” rating in a research report on Wednesday, August 3rd. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Oclaro currently has an average rating of “Buy” and a consensus target price of $7.95.
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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