Synchronoss Technologies (NASDAQ:SNCR) Stock Falls Again: Down 10% in a Week
Cloud, messaging and digital products innovation company Synchronoss Technologies Inc (NASDAQ:SNCR) continued to be in the middle of a downward spiral yesterday and went down by 3%. The latest selloff suffered by the stock took its losses for the past week to as much as 10%.
Yesterday, the company announced that it appointed Christina Gabrys as its new Chief Legal Officer. The announcement from the company may have led to the further decline in the stock price. However, in this situation, it could be a good idea for investors to perhaps take a closer look at this particular appointment from Synchronoss.
Gabrys is going to step into the shoes of Ronald Prague, who had served as the Chief Legal Officer at the company for 15 years. Prague stepped down from his position in order to pursue other interests.
Gabrys is now going to be in charge of all legal affairs pertaining to Synchronoss. Jeff Miller, the Chief Executive Officer and President of the company was effusive in his praise of Prague and stated that he had been instrumental in shaping the company during the course of his tenure. It remains to be seen if the Synchronoss stock can make a recovery today.
Market Reaction:
On Tuesday, SNCR stock fell 3.20% at $2.73 with more than 844K shares, compared to its average volume of 1.34 million shares. The stock has moved within a range of $2.7200 – 2.8600 after opening the trade at $2.83. Over the past 52-week, the stock has been trading within a range of $2.3500 – 6.5900.
