The stock of Ciena Corporation (NYSE:CIEN) is now priced at $57.09 and the shares are -2.51 points down or -4.21% lower compared to its previous closing price of $59.6. The stock had 2.855 million contracts set over the past session. CIEN shares’ daily volume is compared to its average trading volume at 1.814 million shares. However, it has a float of 153 million and although its performance was -3.37% over the week, it’s one to watch. Analysts have given the CIEN stock a yearly average price target of $61.29 per share. It means the stock’s upside potential is 7.36% with the CIEN share price recently placing at $56.63 to $59.462. However, some brokerage firms have priced the stock below the average, including one that has called $50.
The shorts are running away from the Ciena Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CIEN shares have declined. Short interest in the stock represents just 2.99% of its float, but the volume has dropped by 0.
In the last trading session, Ciena Corporation (NYSE:CIEN) dropped by -$1.99 over the week and lost -$0.5 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $61.51. The stock recorded its established 52-week high on 08/07/20.
Since 03/16/20, the stock has traded to a low of $30.58 at 86.69%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.83. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Ciena Corporation’s two-week RSI is 41.99. This suggests that the stock is neutral at the moment and that CIEN shares’ price movement remains stable. The stochastic readings are equally revealing at 28.7% meaning the CIEN share price is currently in overbought territory.
The technical chart shows that the CIEN stock will likely settle at between $58.82 and $60.56 per share. However, if the stock dips below $55.99, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $54.9.
Currently, the stock is trading in the red of MACD, with a reading of -0.62. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned CIEN a rating of Outperform in their intiating review released on July 24. Needham analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $65 in a flash note released to investors on July 21. Northland Capital seeing the stock struggling downgraded it from Outperform to Market Perform on June 04.
The average rating for the CIEN equity is 2 and is currently gathering a bullish momentum. Of 19 analysts tracking Ciena Corporation polled by Reuters, 4 rated CIEN as a hold. The remaining 15 analysts were split evenly. However, the split wasn’t equal as a majority (15) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CIEN stock price is 17.94X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 29.1 below the group’s average of 31.7. Ciena Corporation has its P/E ratio at 4.1, which means that the stock is currently trading at a premium relative to the 3.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Ciena Corporation (NYSE:CIEN) will decrease by about -99.89%, which will see them reach $972 million. The company’s full-year revenues are, however, expected to increase by about 3.36%, up from $3570 million to $3690 million. CIEN’s expected adjusted earnings should surge almost 15.49% to end up at $0.82 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 37.44% to record $2.9/share.