Ahead of Coherent Earnings, Here's What Barchart Data Says Comes Next for COHR Stock

Options traders believe Coherent (COHR) shares are poised for another leg higher after the optical materials and semiconductor firm reports its fiscal Q4 earnings late on Aug. 12. Consensus is for Coherent to report $1.43 in earnings per share (EPS) for its fourth financial quarter — up a remarkable 93.24% on a year-over-year basis.

The quarterly release is particularly significant given Coherent stock has already rallied some 40% since the start of this month.

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The put-to-call ratio on COHR options contracts expiring Aug. 14 sits at 0.58x currently, signaling confidence in the company's ability to come in ahead of Street estimates. Market participants typically treat a reading below 1x as a bullish sign.

According to Barchart, the upper price on those options contracts is set at just over $385 at the time of writing, indicating potential for a nearly 9% rally through the end of this week.

That said, COHR shares are currently trading at a forward price-to-earnings (P/E) multiple of more than 42x, which makes them even more expensive to own than Nvidia (NVDA) at nearly 25x only.

Investors should also note that technical momentum currently favors continued upside in Coherent shares, as evidenced in Barchart's "64% BUY" average opinion, which is based on 13 different indicators.