NEW YORK (

TheStreet

) --

Limelight Networks

(LLNW) - Get Report

filed late Monday to sell up to $150 million worth of stock, warrants or debt securities in a secondary offering.

The news came after a rough session for the Tempe, Ariz.-based provider of content delivery network services, which saw its stock drop more than 10% on heavy volume after Oppenheimer reportedly downgraded it and

Akamai Technologies

(AKAM) - Get Report

on pricing concerns in the wake of

Level 3 Communications'

(LVLT)

deal last week with

Netflix

(NFLX) - Get Report

.

Limelight shares finished Monday's session down 86 cents, or 11.3%, at $6.78. Volume of 5.6 million was more than three times the issue's trailing three-month daily average of 1.7 million. Year-to-date, the stock has still doubled at current levels, but it has seen a steep decline of late, pulling back 24% since hitting a 52-week high of $8.97 last week.

In its Form S-3 filing with the Securities and Exchange Commission, Limelight said certain existing shareholders would be eligible to sell up to 15 million common shares under the new prospectus. These shareholders include those who participated in private placements ahead of the company's initial public offering; directors, officers and employees who received stock as compensation; those issued stock as part of acquisitions.

Limelight's stock was last quoted in extended trading at $6.67, down 1.7%, on volume of almost 70,000, according to

Nasdaq.com

.

Wall Street is divided on the stock's prospects from here. Of the 10 analysts covering Limelight, five are at strong buy, four are at hold and one is at underperform. The median 12-month price target on the shares is $8.

--

Written by Michael Baron in New York.

>To contact the writer of this article, click here:

Michael Baron

.

>To submit a news tip, send an email to:

tips@thestreet.com

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.