In a filing, CIENA Corp. revealed its President, CEO SMITH GARY B unloaded Company’s shares for reported $0.21 million on Apr 01 ’24. In the deal valued at $49.39 per share,4,166 shares were sold. As a result of this transaction, SMITH GARY B now holds 389,275 shares worth roughly $18.53 million.
Then, Phipps Jason sold 2,792 shares, generating $138,511 in total proceeds. Upon selling the shares at $49.61, the SVP Global Sales and Marketing now owns 100,853 shares.
Before that, Gage Brodie sold 533 shares. CIENA Corp. shares valued at $26,442 were divested by the SVP Global Products & Supply at a price of $49.61 per share. As a result of the transaction, Gage Brodie now holds 41,372 shares, worth roughly $1.97 million.
Evercore ISI upgraded its CIENA Corp. [CIEN] rating to an Outperform from a an In-line in a research note published on January 12, 2024; the price target was increased to $57 from $52. A number of analysts have revised their coverage, including Stifel’s analysts, who began to cover the stock in late September with a ‘”a Buy”‘ rating. Needham also remained covering CIEN and reiterated its “Buy” recommendation on August 28, 2023. Morgan Stanley revised its rating on March 29, 2023. It rated CIEN as “an Equal-weight” which previously was an “an Overweight”.
Price Performance Review of CIEN
On Friday, CIENA Corp. [NYSE:CIEN] saw its stock fall -0.04% to $47.59. Over the last five days, the stock has lost -3.76%. CIENA Corp. shares have risen nearly 5.73% since the year began. Nevertheless, the stocks have fallen -8.83% over the past one year. While a 52-week high of $63.24 was reached on 03/04/24, a 52-week low of $39.94 was recorded on 01/02/24. SMA at 50 days reached $53.54, while 200 days put it at $46.74. A total of 1.28 million shares were traded, compared to the trading of 1.58 million shares in the previous session.
Levels Of Support And Resistance For CIEN Stock
The 24-hour chart illustrates a support level at 47.44, which if violated will result in even more drops to 47.28. On the upside, there is a resistance level at 47.83. A further resistance level may holdings at 48.06. The Relative Strength Index (RSI) on the 14-day chart is 33.81, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.49, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 98.31%. Stochastics %K at 4.41% indicates the stock is a buying.
How much short interest is there in CIENA Corp.?
A steep rise in short interest was recorded in CIENA Corp. stocks on Mar 15, 2024, dropping by -0.31 million shares to a total of 5.05 million shares. Yahoo Finance data shows the prior-month short interest on Feb 15, 2024 was 5.36 million shares. There was a decline of -6.14%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 4.53% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.66.
