Optical Cable (NASDAQ:OCC) Shares Pass Above 200-Day Moving Average - Here's What Happened

Key Points

• Optical Cable Corporation's shares have surpassed their 200-day moving average, with current trading at $6.34.
• Wall Street analysts upgraded Optical Cable to a "buy" rating, indicating positive sentiment towards the stock's performance.
• Royal Bank of Canada increased its stake in Optical Cable by 8.3%, demonstrating institutional confidence in the company.

Optical Cable Corporation (NASDAQ:OCC - Get Free Report) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $3.85 and traded as high as $6.50. Optical Cable shares last traded at $6.34, with a volume of 14,146 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Optical Cable to a "buy" rating in a report on Saturday, August 9th.

Optical Cable Trading Down 0.9%

The company has a current ratio of 1.89, a quick ratio of 0.67 and a debt-to-equity ratio of 0.13. The stock has a 50-day simple moving average of $5.29 and a two-hundred day simple moving average of $3.85. The firm has a market capitalization of $52.18 million, a P/E ratio of -16.68 and a beta of 0.37.

Optical Cable (NASDAQ:OCC - Get Free Report) last issued its earnings results on Thursday, June 5th. The communications equipment provider reported ($0.09) earnings per share for the quarter. The firm had revenue of $17.55 million for the quarter. Optical Cable had a negative net margin of 4.33% and a negative return on equity of 14.94%.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Optical Cable stock. Royal Bank of Canada lifted its stake in Optical Cable Corporation (NASDAQ:OCC - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 124,769 shares of the communications equipment provider's stock after acquiring an additional 9,535 shares during the period. Royal Bank of Canada owned 1.52% of Optical Cable worth $348,000 at the end of the most recent quarter. Hedge funds and other institutional investors 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.

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