Synchronoss Technologies Inc (NASDAQ:SNCR) Stock In Downtrend: How To Trade Now?

In the past week, the Synchronoss Technologies Inc (NASDAQ:SNCR) stock has been in the middle of a steady downward trend and has recorded losses of as much as 11% so far.

There has been no news about the company in the past week that could have triggered this decline but at the same time, it is important for investors to figure out if this dip could be an opportunity or not. The last major announcement from the company was on June 25 when the tech company announced the pricing of its underwritten public offering.

As per the announcement from the company, it revealed that it would offer 38,461,538 shares of the Synchronoss common stock at the price of $2.60 each. After the completion of the offering, the company is expected to generate gross proceeds of as much as $100 million. That figure does not include the underwriting commissions and discounts that are going to be paid out by Synchronoss.

However, that is not all. The underwriters are also going to be given an option lasting 30 days within which they can pick up as many as 3,846,154 shares in the company. At this point, it could be a good idea to keep an eye on the news with regards to Synchronoss.

Market Reaction:

On Thursday, SNCR stock slid 2.50% at $3.12 with more than 1.47 million shares, compared to its average volume of 1.26 million shares. The stock had moved within a range of $2.9500 – 3.1500 after opening the trade at $3.12. Over the past 52-week, the stock has been trading within a range of $2.3500 – 6.5900.