Oclaro Inc. (NASDAQ:OCLR) was the target of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 13,249,337 shares, a growth of 87.2% from the October 31st total of 7,075,975 shares. Based on an average daily volume of 6,647,537 shares, the days-to-cover ratio is presently 2.0 days. Currently, 8.4% of the shares of the stock are sold short.
Oclaro (NASDAQ:OCLR) opened at 9.63 on Friday. The firm’s 50-day moving average is $8.43 and its 200-day moving average is $6.82. The stock has a market cap of $1.60 billion, a P/E ratio of 76.43 and a beta of 2.03. Oclaro has a 52-week low of $3.16 and a 52-week high of $10.19.
Oclaro (NASDAQ:OCLR) last announced its quarterly earnings results on Tuesday, November 1st. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.04. The firm had revenue of $135.50 million for the quarter, compared to analysts’ expectations of $131.65 million. Oclaro had a net margin of 3.39% and a return on equity of 14.48%. The company’s revenue was up 54.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.02) EPS. Equities research analysts predict that Oclaro will post $0.52 earnings per share for the current year.
In other news, EVP Lisa Paul sold 9,363 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $7.69, for a total value of $72,001.47. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jag Capital Management LLC purchased a new position in shares of Oclaro during the third quarter valued at $105,000. BlackRock Inc. boosted its position in shares of Oclaro by 7.2% in the third quarter. BlackRock Inc. now owns 12,253 shares of the company’s stock valued at $105,000 after buying an additional 821 shares during the last quarter. Stifel Financial Corp purchased a new position in shares of Oclaro during the second quarter valued at $108,000. Compagnie Lombard Odier SCmA purchased a new position in shares of Oclaro during the second quarter valued at $122,000. Finally, FNY Managed Accounts LLC purchased a new position in shares of Oclaro during the third quarter valued at $122,000. 59.44% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on OCLR shares. Needham & Company LLC lowered their target price on shares of Oclaro from $10.00 to $8.00 and set a “strong-buy” rating for the company in a report on Tuesday, August 30th. Zacks Investment Research upgraded shares of Oclaro from a “hold” rating to a “buy” rating and set a $9.50 target price for the company in a report on Wednesday, October 12th. Piper Jaffray Cos. restated an “overweight” rating and issued a $6.75 target price on shares of Oclaro in a report on Monday, August 1st. Jefferies Group started coverage on shares of Oclaro in a report on Monday, October 3rd. They issued a “buy” rating and a $11.25 target price for the company. Finally, MKM Partners restated a “buy” rating and issued a $10.00 target price on shares of Oclaro in a report on Friday, October 21st. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $9.48.
Oclaro Company Profile