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

Key Points

• Optical Cable Corporation (NASDAQ:OCC) shares have crossed above their 200-day moving average, currently trading at $8.66, significantly higher than the average of $4.17.
• Despite producing a quarterly earnings report with $0.04 earnings per share and $19.92 million in revenue, analysts downgraded the stock from a "buy" to a "hold" rating.
• Hedge funds, including the Royal Bank of Canada, have increased their stake in Optical Cable, indicating confidence among institutional investors as they now own 13.61% of the company's stock.

Optical Cable Corporation (NASDAQ:OCC - Get Free Report) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.17 and traded as high as $9.00. Optical Cable shares last traded at $8.66, with a volume of 53,066 shares.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut Optical Cable from a "buy" rating to a "hold" rating in a report on Saturday, September 13th.

Optical Cable Trading Down 3.8%

The stock has a market cap of $76.81 million, a P/E ratio of -61.85 and a beta of 0.36. The company has a 50-day moving average price of $6.16 and a two-hundred day moving average price of $4.17.

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 for the quarter. The firm had revenue of $19.92 million for the quarter. Optical Cable had a negative return on equity of 5.80% and a negative net margin of 1.55%.

Hedge Funds Weigh In On Optical Cable

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.