Short Interest in Optical Cable Corporation (NASDAQ:OCC) Expands By 79.6%

Optical Cable Corporation (NASDAQ:OCC) was the recipient of a significant increase in short interest in May. As of May 29th, there was short interest totaling 525,812 shares, an increase of 79.6% from the May 14th total of 292,792 shares. Approximately 7.7% of the shares of the stock are short sold. Based on an average daily volume of 406,732 shares, the short-interest ratio is presently 1.3 days.

Optical Cable Trading Down 10.4%

Shares of NASDAQ OCC traded down $2.39 during trading hours on Monday, reaching $20.52. The stock had a trading volume of 798,011 shares, compared to its average volume of 434,145. The company has a current ratio of 2.08, a quick ratio of 0.74 and a debt-to-equity ratio of 0.17. The firm has a market cap of $181.19 million, a price-to-earnings ratio of 171.01 and a beta of 0.62. The business’s fifty day moving average price is $12.54 and its two-hundred day moving average price is $8.50. Optical Cable has a 52-week low of $2.56 and a 52-week high of $27.98.

Optical Cable (NASDAQ:OCC) last issued its quarterly earnings data on Monday, June 8th. The communications equipment provider reported $0.12 EPS for the quarter. The company had revenue of $22.21 million during the quarter. Optical Cable had a net margin of 1.29% and a return on equity of 5.92%. During the same period last year, the firm earned ($0.09) EPS.

Analysts Set New Price Targets

Several research firms recently commented on OCC. Wall Street Zen upgraded Optical Cable from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optical Cable in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Optical Cable has an average rating of “Sell”.

Hedge Funds Weigh In On Optical Cable

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its position in 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 purchasing an additional 9,535 shares during the period. Bridgeway Capital Management LLC boosted its stake in shares of Optical Cable by 162.0% during the 3rd quarter. Bridgeway Capital Management LLC now owns 33,013 shares of the communications equipment provider’s stock worth $268,000 after acquiring an additional 20,413 shares in the last quarter. Two Sigma Investments LP purchased a new stake in shares of Optical Cable during the 3rd quarter worth about $487,000. Citadel Advisors LLC purchased a new stake in shares of Optical Cable during the 3rd quarter worth about $102,000. Finally, Shikiar Asset Management Inc. boosted its stake in shares of Optical Cable by 62.9% during the 4th quarter. Shikiar Asset Management Inc. now owns 24,600 shares of the communications equipment provider’s stock worth $109,000 after acquiring an additional 9,500 shares in the last quarter. Institutional investors and hedge funds own 13.61% of the company’s stock.

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.