Why Ciena Stock Stumbled Today
(NYSE: CIEN) had a tough Monday on the stock exchange. The company is going to the investor well to borrow a significant amount of capital, and investors expressed their displeasure by trading out of the stock. This left it with a more than 4% decline that trading session.
Ciena announced early that morning that it was floating a $2 billion issue of senior convertible notes in a private offering. The company added that it intends to grant the initial purchasers of those notes -- which, if not converted, will mature on Sept. 15, 2031 -- a 13-day option to collectively buy up to an additional $300 million worth of the securities.
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Source Fool.com
Ciena Corp. Stock
€327.10
-3.210%
The stock is one of the favorites of our community with 45 Buy predictions and 1 Sell predictions.
As a result the target price of 370 € shows a slightly positive potential of 13.12% compared to the current price of 327.1 € for Ciena Corp..
