Cyren (NASDAQ:CYRN) Stock In Focus After The Latest Development

Cyren (NASDAQ:CYRN) was in considerable focus among investors on Tuesday after it emerged that one of its clients managed to bag a new customer right after adding Cyren Inbox Security to its own portfolio.

Market Stats

On Tuesday, CYRN stock fell 3.16% at $0.4939 with more than 2.13 million shares, compared to its average volume of 4.62 million shares. The stock has moved within a range of $0.4810 – 0.5086 after opening the trade at $0.5041.

Partners with Cyren to Protect Organizations Across Europe from Advanced Threats

While the news was a significant one for Cyren, it did not lead to any major boost for the company’s stock. The stock actually suffered from a selloff and ended the day with a decline of as much as 3%. The company announced that Security Software Solutions Ltd had added Cyren Inbox Security to its inbox in order to provide protection from phishing and associated dangers to Office 365 organisations.

Security Software Solutions provides its services to as many as 500 clients who are party of the EAMA and in a matter of five weeks of adding Cyren Inbox Security, the company was able to bad another client from the hospitality space. While it is true that it was a significant development for Cyren, it might be a good idea for investors to keep a close eye on further development with regards to the company before making any move for the stock. However, the latest decline in the stock could well prove to be an opportunity.

Key Quote

“Cyren has been an amazing partner, and we’re thrilled with the customer response to the Cyren Inbox Security product. It’s a great addition to our portfolio and enables us to provide additional services to our clients,” says Tony Mason, Managing Director at S3.

Traders Corner

CYRN stock is trading below the 20-Day and 50-Day Moving averages of $0.51 and $0.54 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.70. The stock is down 16% in the past 3-month.