Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. CIENA Corp. shares valued at $205,767 were sold by SMITH GARY B on Apr 01 ’24. At $49.39 per share, SMITH GARY B sold 4,166 shares. The insider’s holdings dropped to 389,275 shares worth approximately $18.19 million following the completion of this transaction.
Also, Phipps Jason sold 2,792 shares, netting a total of over 138,511 in proceeds. Following the sale of shares at $49.61 each, the insider now holds 100,853 shares.
Before that, Gage Brodie had sold 533 shares from its account. In a trade valued at $26,442, the SVP Global Products & Supply traded CIENA Corp. shares for $49.61 each. Upon closing the transaction, the insider’s holdings decreased to 533 shares, worth approximately $1.93 million.
As published in a research note from Evercore ISI on January 12, 2024, CIENA Corp. [CIEN] has been rated up from an In-line to an Outperform and the price target has been revised to $57 from $52. Analysts at Stifel started covering the stock with ‘”a Buy”‘ outlook in a report released in late September. As of August 28, 2023, Needham has reiterated its “Buy” rating for CIEN. Earlier on March 29, 2023, Morgan Stanley downgraded its rating. Their new recommendation was “an Equal-weight” for CIEN stock which previously was a “an Overweight”.
Analyzing CIEN Stock Performance
During the last five days, there has been a drop of approximately -3.87%. Over the course of the year, CIENA Corp. shares have jumped approximately 3.84%. Shares of the company reached a 52-week high of $63.24 on 03/04/24 and a 52-week low of $44.22 on 01/02/24. A 50-day SMA is recorded $53.26, while a 200-day SMA reached $46.83. Nevertheless, trading volume fell to 1.34 million shares from 1.37 million shares the previous day.
Support And Resistance Levels for CIENA Corp. (CIEN)
According to the 24-hour chart, there is a support level at 46.55, which, if violated, would cause prices to drop to 46.35. In the upper region, resistance lies at 47.12. The next price resistance is at 47.49. RSI (Relative Strength Index) is 31.57 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.58, which suggests the price will decrease in the coming days. Percent R is at 99.80%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is CIENA Corp. subject to short interest?
Stocks of CIENA Corp. saw a sharp steep in short interest on Mar 28, 2024 dropping by -0.72 million shares to 5.28 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 6.0 million shares. A decline of -13.64% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.83 of the overall float, the days-to-cover ratio (short ratio) decline to 1.83.
