NEW YORK (TheStreet) -- Facebook's (FB) recently-announced acquisition of the privately-held Oculus VR, which makes virtual-reality gaming headsets called Oculus Rift, provided a major boost to Oculus VisionTech (OTVZ) and Oculus Innovative Sciences (OCLS) on Wednesday thanks to a case of mistaken identity.
Shares of Oculus VisionTech, a small Vancouver-based company with a market cap of less than $2 million, more than doubled to a one-year high of 41 cents as investors pounced on the wrong Oculus company. Oculus VisionTech's work involves watermarking videos and other digital media to help prevent piracy. The company issued a press release about the mistake by late morning and the stock returned to its previous levels.
Oculus Innovative, which had posted five straight days of losses, also spiked in early morning trading to a high of $5.20 before it leveled off in the late morning. Oculus Innovative sells medical products such as an itch relief gel.
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TheStreet Ratings team rates OCULUS INNOVATIVE SCIENCES as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate OCULUS INNOVATIVE SCIENCES (OCLS) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The area that we feel has been the company's primary weakness has been its declining revenues."