Ciena Stock Gets a Jolt After Earnings Beat

The company did see a slight drop in revenue from its last quarter

Digital Content Manager
Jun 3, 2021 at 9:40 AM
facebook twitter linkedin

The shares of Ciena Corporation (NYSE:CIEN) are getting a big boost this morning, last seen up 5.1% at $57.20, following the firm's fiscal second-quarter earnings report. The company reported 62 cents per share in earnings, easily topping analysts' estimates, while the $833.93 million in revenue just barely topped expectations. The networking systems company did see a 6.7% dip in its revenue, however. 

The equity has been rising on the charts for the better part of May, and recently found its footing at the 30-day moving average -- a previous area of  pressure. What's more, the stock topped yet another short-term ceiling at its $54 level, logging its highest close in over a month during yesterday's session.  CIEN is up 3% year-to-date, though it boasts a six-month return of 19.1%. 

Analysts were mostly optimistic ahead of Ciena's earnings event. Of the 14 in coverage 10 said "buy" or better, and four said "hold." Meanwhile, the 12-month consensus price target of $60.31 is a 5.3% premium to current levels. 

Option traders have been a bit more bearish. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CIEN sports a 10-day put/call volume ratio of 0.83, which sits in the 84th percentile of its annual range. This implies puts are being picked up at a much quicker rate than usual. 


If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!



Special Offers from Schaeffer's Trading Partners