Oclaro, Inc. (OCLR) Shares Jump 10% on Second Quarter Earnings Beat

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Shares of Oclaro, Inc. (NASDAQ:OCLR) are up big this morning after the company reported earnings which beat Wall Street’s estimate after the market closed yesterday. Oclaro reported a net income for the quarter of $157,000, and while this doesn’t seem like much, its a vast improvement year-over-year, as the company reported a loss last year.

Wall Street was expecting a reported loss of $0.01 per share, but Oclaro, Inc. (NASDAQ:OCLR) ended up reporting a profit of close to $0.01 per share. Revenue for the quarter came in at $94.1 million, which also beat the Street’s forecast of $91.3 million. Oclaro also issued a guidance expecting revenue to come in between $97 million and $103 million for the current quarter.

The stock closed at $3.67 during the last trading session. It is up 65.32% since June 29, 2015 and is uptrending. It has outperformed the S&P500 by 73.03%.

From a total of 6 analysts covering Oclaro Inc (NASDAQ:OCLR) stock, 6 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $5 while the lowest target price is $4. The mean of all analyst targets is $4.63 which is 26.16% above today’s ($3.67) stock price. Oclaro Inc was the topic of 7 analyst reports since August 18, 2015 according to the firm StockzIntelligence Inc. Barrington Research initiated shares on December 18 with a “Outperform” rating. Northland Capital maintained OCLR stock in a recent report from November 19 with a “Outperform” rating. Finally, B. Riley & Co upgraded the stock to a “Buy” rating in a report they issued on a November 4.

The institutional sentiment decreased to 0.9 in Q2 2015. It’s down 0.55, from 1.45 in 2015Q2. The ratio dived, as 9 funds sold all their Oclaro, Inc. shares they owned while 30 reduced their positions. 14 funds bought stakes while 21 increased their total positions. Institutions now own 52.42 million shares which is 2.31% more than the previous share count of 51.24 million in 2015Q2.

Kopp Investment Advisors Llc holds 13.49% of its total portfolio in Oclaro, Inc., equating to 10.91 million shares. Kingdom Ridge Capital Llc owns 946,525 shares representing 1.27% of their total US portfolio. Moreover, Whale Rock Capital Management Llc has 0.87% of their total portfolio invested in the company, equating to 3.83 million shares. The New York-based Brigade Capital Management Lp has a total of 0.85% of their portfolio invested in the stock. Eam Investors Llc, a California-based fund reported 1.19 million shares owned.

Oclaro, Inc. is a provider of optical components, modules and subsystems for the optical transport, service provider, enterprise and data center markets. The company has a market cap of $390.97 million. The Firm supplies optical network technology to telecommunication and data communication equipment companies across the world. It currently has negative earnings. The Firm designs, makes and markets optical components, modules and subsystems that generate, detect, combine and separate light signals in optical communications networks.