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.