Oclaro (OCLR) Releases Quarterly Earnings Results
Oclaro (NASDAQ:OCLR) announced its earnings results on Tuesday. The company reported ($0.17) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.16) by $0.01, Analyst RN reports. The company had revenue of $95.39 million for the quarter, compared to the consensus estimate of $98.79 million. During the same quarter last year, the company posted ($0.37) earnings per share. Oclaro’s revenue was down 6.0% compared to the same quarter last year.
Oclaro (NASDAQ:OCLR) traded down 4.66% during mid-day trading on Tuesday, hitting $2.66. The stock had a trading volume of 1,820,762 shares. Oclaro has a one year low of $0.88 and a one year high of $3.57. The stock has a 50-day moving average of $3.12 and a 200-day moving average of $2.63. The company’s market cap is $283.4 million.
On a related note, analysts at B. Riley downgraded shares of Oclaro from a “buy” rating to a “neutral” rating in a research note on Friday. They now have a $3.10 price target on the stock. They noted that the move was a valuation call.
Oclaro, Inc, is a provider of optical communications and laser components, modules and subsystems for a range of markets, including telecommunications (NASDAQ:OCLR), industrial, scientific, consumer electronics and medical.
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