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Why Cyan Inc. (CYNI) Is Soaring Today

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: CVS Caremark (CVS) Declares 27.5c Quarterly Dividend

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CYNI $0.00 0.00%
AAPL $94.10 -1.10%
FB $117.71 0.24%
GOOG $697.32 0.72%
TSLA $222.00 -4.40%


Chart of I:DJI
DOW 17,649.00 -101.91 -0.57%
S&P 500 2,050.77 -12.60 -0.61%
NASDAQ 4,725.8910 -37.3330 -0.78%

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