One Factor Driving Ciena Corp (CIEN) Stock Higher Today

NEW YORK (TheStreet) -- Ciena Corp (CIEN) stock is gaining Thursday after beating analysts' estimates in its April-ended second quarter. 

By midafternoon, shares had surged 17.3% to $22.28. Trading volume of 14.7 million shares was more than quadruple its three-month daily average.

In its second quarter, the networking equipment developer earned 17 cents a share, 4 cents higher than what analysts surveyed by Thomson Reuters had forecast. Revenue of $560.1 million was 10.3% higher year over year.

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TheStreet Ratings team rates CIENA CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate CIENA CORP (CIEN) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company's profit margins have been poor overall."

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Quant Ratings Upgrades Ciena to a 'Buy,' but the Charts Look Mixed