NEW YORK (TheStreet) -- Cyan Inc. (CYNI) is soaring Thursday on the news its senior vice president had purchased a large amount of stock. In a filing with the SEC, SVP of global sales James A. Hamilton disclosed his purchase of 100,000 shares for $3.35 apiece.
By midafternoon, shares had surged 16% to $3.85. Trading volume of 1.5 million was more than five times its three-month daily average.
Year to date, shares have dipped 27.4%. In January, the networking services provider plummeted after downwardly revising its fourth-quarter revenue guidance to between $20 million and $21 million from a previous range of $30 million to $33 million.
The company posted fourth-quarter revenue of $20.89 million. Lower revenue was due to its largest customer decreasing its quarterly spend 88% to $2 million.Must Read: Warren Buffett's 10 Favorite Dividend Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV