Optical Cable Corporation (NASDAQ:OCC) Short Interest Down 52.5% in September

Key Points

• Optical Cable Corporation (NASDAQ:OCC) experienced a 52.5% decrease in short interest for September, reducing the total to 7,700 shares.
• Several hedge funds have increased their holdings in Optical Cable, with Gendell Jeffrey L raising its position by 51.0% in the second quarter.
• The stock is currently trading at $8.66 with a market cap of $76.77 million and a negative net margin of 1.55%.

Optical Cable Corporation (NASDAQ:OCC - Get Free Report) saw a significant drop in short interest in the month of September. As of September 30th, there was short interest totaling 7,700 shares, a drop of 52.5% from the September 15th total of 16,200 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily trading volume, of 127,300 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily trading volume, of 127,300 shares, the days-to-cover ratio is currently 0.1 days. Approximately 0.1% of the shares of the company are short sold.

Hedge Funds Weigh In On Optical Cable

Several large investors have recently bought and sold shares of the stock. Shikiar Asset Management Inc. bought a new position in shares of Optical Cable during the 3rd quarter valued at about $123,000. Gendell Jeffrey L raised its position in shares of Optical Cable by 51.0% in the second quarter. Gendell Jeffrey L now owns 67,952 shares of the communications equipment provider's stock valued at $197,000 after purchasing an additional 22,952 shares during the period. Finally, Royal Bank of Canada grew its position in Optical Cable by 8.3% in the 1st quarter. Royal Bank of Canada now owns 124,769 shares of the communications equipment provider's stock worth $348,000 after purchasing an additional 9,535 shares during the last quarter. Institutional investors and hedge funds own 13.61% of the company's stock.

Optical Cable Stock Performance

OCC stock traded down $0.02 during trading on Monday, hitting $8.66. The stock had a trading volume of 28,379 shares, compared to its average volume of 130,355. The stock has a market cap of $76.77 million, a price-to-earnings ratio of -61.82 and a beta of 0.52. Optical Cable has a 1-year low of $2.02 and a 1-year high of $11.50. The company's 50 day moving average price is $7.59 and its two-hundred day moving average price is $4.95.

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on OCC. Weiss Ratings restated a "sell (d-)" rating on shares of Optical Cable in a research report on Wednesday, October 8th. Wall Street Zen downgraded shares of Optical Cable from a "buy" rating to a "hold" rating in a research report on Saturday, September 13th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of "Sell".

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.

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