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Why Cyan Inc. (CYNI) Is Soaring Today

NEW YORK (TheStreet) -- Cyan Inc. (CYNI - Get Report) 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.

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SYM TRADE IT LAST %CHG
CYNI $5.04 0.40%
AAPL $132.54 0.88%
FB $80.54 0.07%
GOOG $540.11 -0.44%
TSLA $247.73 0.86%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

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