Monday, May 19, 2014 12:33:50 PM
By Zacks.com, May 19, 2014, 09:36:15 AM EDT AAA
Many investors appear to be quite bearish on Ciena Corporation ( CIEN ) , especially if you look at the percentage of the float that is sold short for this stock. Currently, 21.51% of the float is sold short, suggesting an extreme level of bearishness for CIEN.
While investors might be piling up against this stock for any number of reasons, it is important to note that CIEN has seen some weakness as of late, as the security hasn't been able to get into positive territory over the past four weeks, losing 4.68% in the time frame.
Better Trading Ahead?
While the short interest and the recent performance are certainly troubling, there is reason to be optimistic on this stock. Recent earnings estimate activity has actually been quite positive as of late, even in the face of such widespread pessimism.
Thanks to these rising estimates, we actually have a Zacks Rank #2(Buy) on CIEN, so we clearly don't believe in the negativity surrounding this firm. After all, it is hard not to be at least a little optimistic on the short term when you consider that 1 estimate have moved higher in the past 60 days compared to none lower in the same time frame, while the consensus has also increased.
Given this, a short-covering rally is certainly in the cards for CIEN stock, especially if investors embrace the positive earnings estimate revision picture, suggesting that CIEN could definitely move higher in the weeks ahead.
Read more: http://www.nasdaq.com/article/why-a-short-covering-rally-might-come-for-ciena-cien-stock-tale-of-the-tape-cm354221#ixzz32BDc8rnK
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CIEN
Recent CIEN News
- Ciena Celebrates Major Customer Milestones and Optical Leadership at OFC 2024 in San Diego • Business Wire • 03/27/2024 01:00:00 PM
- Toshiba, Ciena Collaborate to Demonstrate Quantum Secure Communication at OFC • Business Wire • 03/26/2024 01:00:00 PM
- SEA-ME-WE 4 Enables Global Digitalization with Enhanced Connectivity Powered by Ciena • Business Wire • 03/11/2024 01:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 03/07/2024 07:39:44 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/07/2024 12:03:09 PM
- Ciena Reports Fiscal First Quarter 2024 Financial Results • Business Wire • 03/07/2024 12:00:00 PM
- U.S. Index Futures See Modest Gains, Oil Prices Slip • IH Market News • 03/07/2024 11:01:20 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 11:13:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 08:38:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 08:33:49 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/15/2024 09:46:26 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/15/2024 09:26:48 PM
- Astound Business Solutions Launches Commercial 400G Wavelength Service across the U.S., Powered by Ciena • Business Wire • 02/13/2024 01:01:00 PM
- Telia Lithuania Deploys Ciena’s WaveLogic 5 Extreme for Country-wide 800Gb/s Wavelength Service • Business Wire • 02/12/2024 02:00:00 PM
- Ciena Announces Internet Availability of 2024 Annual Meeting Proxy Materials • Business Wire • 02/08/2024 04:00:00 PM
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 02/08/2024 03:01:58 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 02/08/2024 02:57:27 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 02/08/2024 02:54:22 PM
- Ciena Announces Reporting Date and Web Broadcast for Fiscal First Quarter 2024 Results • Business Wire • 02/06/2024 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/05/2024 09:37:10 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 01/30/2024 09:08:41 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 01/29/2024 09:16:25 PM
- Southern Cross Targets Pacific Record with Ciena’s WaveLogic 6 • Business Wire • 01/23/2024 02:00:00 PM
- Vocus to Roll Out 1.6 Tb/s Technology with Ciena’s WaveLogic 6 • Business Wire • 01/18/2024 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/17/2024 09:27:20 PM
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