Optical Cable (NASDAQ:OCC) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Optical Cable Corporation (NASDAQ:OCC)’s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $6.09 and traded as high as $8.34. Optical Cable shares last traded at $8.05, with a volume of 16,325 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on OCC shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optical Cable in a research note on Wednesday, October 8th. Wall Street Zen lowered Optical Cable from a “buy” rating to a “hold” rating in a research report on Saturday, September 13th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Sell”.

Optical Cable Stock Down 0.9%

The company has a market capitalization of $71.40 million, a price-to-earnings ratio of -57.50 and a beta of 0.52. The stock has a 50 day simple moving average of $8.17 and a 200 day simple moving average of $6.09.

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

Institutional Trading of Optical Cable

A number of large investors have recently modified their holdings of OCC. Two Sigma Investments LP acquired a new stake in shares of Optical Cable in the third quarter valued at approximately $487,000. Bridgeway Capital Management LLC grew its holdings in Optical Cable by 162.0% in the 3rd 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. Essex Investment Management Co. LLC bought a new stake in Optical Cable during the 3rd quarter valued at $135,000. Shikiar Asset Management Inc. acquired a new position in Optical Cable during the 3rd quarter worth $123,000. Finally, Gendell Jeffrey L boosted its position 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 acquiring an additional 22,952 shares during the period. Institutional investors and hedge funds own 13.61% of the company’s stock.

About Optical Cable

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.