Optical Cable (NASDAQ:OCC) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Optical Cable Corporation (NASDAQ:OCC) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $5.57 and traded as high as $8.20. Optical Cable shares last traded at $7.87, with a volume of 38,565 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optical Cable in a research note on Wednesday, October 8th. Wall Street Zen cut shares of Optical Cable from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has an average rating of “Sell”.

Optical Cable Stock Performance

The stock has a fifty day simple moving average of $8.30 and a 200 day simple moving average of $5.57. The firm has a market cap of $69.81 million, a P/E ratio of -56.21 and a beta of 0.47.

Optical Cable (NASDAQ:OCC) last released its quarterly earnings data on Thursday, September 11th. The communications equipment provider reported $0.04 EPS for the quarter. Optical Cable had a negative return on equity of 5.80% and a negative net margin of 1.55%.The company had revenue of $19.92 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its holdings in Optical Cable by 8.3% in the first quarter. Royal Bank of Canada now owns 124,769 shares of the communications equipment provider’s stock worth $348,000 after purchasing an additional 9,535 shares during the last quarter. Gendell Jeffrey L lifted its holdings in shares of Optical Cable by 51.0% during the 2nd quarter. Gendell Jeffrey L now owns 67,952 shares of the communications equipment provider’s stock valued at $197,000 after buying an additional 22,952 shares during the period. Shikiar Asset Management Inc. purchased a new position in shares of Optical Cable in the 3rd quarter worth $123,000. Finally, Essex Investment Management Co. LLC bought a new stake in shares of Optical Cable in the third quarter worth $135,000. Institutional investors own 13.61% of the company’s stock.

Optical Cable Company Profile

Optical Cable Corporation, together with its subsidiaries, engages in the manufacture and sale of fiber optic and copper data communications cabling and connectivity solutions primarily for the enterprise market in the United States and internationally. The company provides fiber optic and hybrid cables for high bandwidth transmission of data, video, and voice communications; and copper datacom cables, including unshielded and shielded twisted pair constructions.