Optical Cable (NASDAQ:OCC) Shares Cross Below 200 Day Moving Average - Here's Why

Key Points

• Optical Cable shares crossed below their 200-day moving average
• Analysts have a consensus "Sell" rating (Weiss Ratings restated a sell), signaling weak sentiment from brokers and research outlets.
• Fundamentals remain weak: the company reported a loss (EPS of -$0.05) with a negative net margin and ROE, a market cap of roughly $59 million, and only about 13.6% institutional ownership.

Optical Cable Corporation (NASDAQ:OCC - Get Free Report)'s share price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $6.88 and traded as low as $6.52. Optical Cable shares last traded at $6.68, with a volume of 204,646 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Optical Cable in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Sell".

Optical Cable Trading Down 9.0%

The stock has a market capitalization of $58.98 million, a P/E ratio of -74.21 and a beta of 0.59. The company has a 50-day moving average price of $5.54 and a 200 day moving average price of $6.88.

Optical Cable (NASDAQ:OCC - Get Free Report) last posted its earnings results on Tuesday, March 10th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter. The company had revenue of $16.43 million during the quarter. Optical Cable had a negative net margin of 1.01% and a negative return on equity of 4.14%.

Hedge Funds Weigh In On Optical Cable

A number of large investors have recently made changes to their positions in the business. Citadel Advisors LLC purchased a new stake in shares of Optical Cable during the 3rd quarter valued at $102,000. Dynamic Technology Lab Private Ltd purchased a new stake in Optical Cable in the fourth quarter valued at about $57,000. Shikiar Asset Management Inc. purchased a new stake in Optical Cable in the third quarter valued at about $123,000. Essex Investment Management Co. LLC acquired a new stake in Optical Cable in the third quarter worth about $135,000. Finally, Round Rock Advisors LLC purchased a new stake in shares of Optical Cable during the fourth quarter worth about $139,000. 13.61% of the stock is owned by institutional investors and hedge funds.

About Optical Cable

Optical Cable Corporation NASDAQ: OCC is a publicly traded designer and manufacturer of optical fiber and copper communications cable solutions. Headquartered in Roanoke, Virginia, the company develops a broad range of standard and custom cable assemblies, connectors, hardware and accessories. Its product portfolio addresses data transmission requirements in demanding environments, including long-haul telecommunications, industrial automation, defense systems and submersible applications.

The company's offerings are organized across multiple product lines, encompassing outside-plant fiber optic cable for aerial and underground installations, indoor/outdoor copper connectivity and specialty engineered cable assemblies.

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