Optical Cable (NASDAQ:OCC) Stock Passes Above 200 Day Moving Average – Here’s Why

Optical Cable Corporation (NASDAQ:OCC)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $5.10 and traded as high as $8.52. Optical Cable shares last traded at $7.85, with a volume of 58,076 shares.

Analyst Ratings Changes

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

Optical Cable Price Performance

The company has a fifty day moving average of $7.86 and a 200 day moving average of $5.10. The firm has a market capitalization of $69.63 million, a P/E ratio of -56.07 and a beta of 0.52.

Optical Cable (NASDAQ:OCC) last announced its earnings results 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 business had revenue of $19.92 million for the quarter.

Hedge Funds Weigh In On Optical Cable

Institutional investors and hedge funds have recently modified their holdings of the business. Shikiar Asset Management Inc. bought a new position in shares of Optical Cable during the 3rd quarter worth approximately $123,000. Gendell Jeffrey L boosted 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 worth $197,000 after buying an additional 22,952 shares in the last quarter. Finally, Royal Bank of Canada boosted its holdings in shares of Optical Cable by 8.3% during the 1st quarter. Royal Bank of Canada now owns 124,769 shares of the communications equipment provider’s stock worth $348,000 after buying an additional 9,535 shares in the last quarter. 13.61% of the stock is currently owned by institutional investors.

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.