On March 08, Cyren Ltd. (CYRN) stock added a huge 45.59% during the regular trading session while there was news from the company. Consequently, the stock fell under corrections in the after-hours session to shed its gains.
CYRN stock fluctuated between a high of $13.87 and a low of $6.13 during the regular trading session on Tuesday. At a heavy volume of 20.65 million shares, the stock closed the session at $10.41. Thus, added a value of $3.26% or 45.59% intraday trading. Following this, the stock lost 9.32% under corrections in the after-hours. Hence, the stock was trading at $9.44 apiece in the after-hours on Tuesday.
The cloud-based security solutions provider, Cyren Ltd. provides an array of cybersecurity solutions including e-mail security, cyber intelligence suits, malware attack detection, mobile security, and many more. Currently, the company has a market capitalization of $32.41 million with 4.53 million outstanding shares.
What Happened with CYRN?
CYRN has been bullish since March 04, while the latest news from the company date back to February 25. With no official reason, it seems the stock has been bullish due to the Russia-Ukraine conflict. Cybersecurity stocks have been widely enjoying a good fortune since the conflict started. The reason for this is cyber attacks and cyber tools being a huge part of such conflicts. It seems as the conflict continues with more and more sanctions on Russia, investors are flocking towards cybersecurity stocks. Thus, CRYN has also been trading actively over the past few weeks.
In the past five days alone, the stock has increased by 60.40% while adding a humungous 155.40% last month. CYRN stands at a year-to-date gain of 78.13% while it suffered a loss of 41.71% last year.
Following the huge gain on Tuesday along with the gains from Monday and Friday, CYRN stock was bound for corrections. Therefore, the stock succumbed to corrections in the after-hours on Tuesday.
Company News
On February 25, the company announced receiving formal notification from Nasdaq. As per the notification, the company has regained compliance with Listing Rule 5550(a)(2).
Previously, after closing trading below $1.0 per share for over 30 consecutive days, Nasdaq had notified the company of its non-compliance on April 9, 2021. Thus, now that the company’s minimum bid price has been above $1.00 for consecutive 20 days, it has regained compliance with Nasdaq.
On February 14, the company announced the closing of its $12 million at-the-market private placement of 3.129,075 ordinary shares and warrants. The purchase price of the shares and associated warrants was $3.835 per share.
