Optical Cable (NASDAQ:OCC) Share Price Crosses Below Two Hundred Day Moving Average – Here’s What Happened

Shares of Optical Cable Corporation (NASDAQ:OCC) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $6.75 and traded as low as $4.15. Optical Cable shares last traded at $4.36, with a volume of 57,323 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Optical Cable in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has an average rating of “Sell”.

Optical Cable Stock Down 2.9%

The stock’s 50 day moving average price is $6.23 and its two-hundred day moving average price is $6.73. The stock has a market cap of $37.96 million, a price-to-earnings ratio of -23.78 and a beta of 0.58.

Optical Cable (NASDAQ:OCC) last released its quarterly earnings data on Thursday, December 18th. The communications equipment provider reported $0.01 EPS for the quarter. The business had revenue of $19.83 million for the quarter. Optical Cable had a negative return on equity of 7.90% and a negative net margin of 1.99%.During the same quarter in the prior year, the company posted $0.05 EPS.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in Optical Cable by 8.3% in the 1st quarter. Royal Bank of Canada now owns 124,769 shares of the communications equipment provider’s stock valued at $348,000 after buying an additional 9,535 shares in the last quarter. Gendell Jeffrey L boosted its stake in Optical Cable by 51.0% during the 2nd quarter. Gendell Jeffrey L now owns 67,952 shares of the communications equipment provider’s stock worth $197,000 after purchasing an additional 22,952 shares during the last quarter. Shikiar Asset Management Inc. purchased a new stake in shares of Optical Cable during the third quarter worth $123,000. Essex Investment Management Co. LLC acquired a new stake in shares of Optical Cable in the third quarter valued at about $135,000. Finally, Bridgeway Capital Management LLC lifted its stake in shares of Optical Cable by 162.0% in the third quarter. Bridgeway Capital Management LLC now owns 33,013 shares of the communications equipment provider’s stock worth $268,000 after buying an additional 20,413 shares in the last quarter. Institutional investors and hedge funds own 13.61% of the company’s stock.

About Optical Cable

Optical Cable Corporation (NASDAQ: OCC) is a publicly traded designer and manufacturer of optical fiber and copper communications cable solutions. Headquartered in Roanoke, Virginia, the company develops a broad range of standard and custom cable assemblies, connectors, hardware and accessories. Its product portfolio addresses data transmission requirements in demanding environments, including long-haul telecommunications, industrial automation, defense systems and submersible applications.

The company’s offerings are organized across multiple product lines, encompassing outside-plant fiber optic cable for aerial and underground installations, indoor/outdoor copper connectivity and specialty engineered cable assemblies.