Shares of Aerohive Networks, Inc. (HIVE) are surging $1.60, or 35%, to $6.44 after the company announced it will provide the Wi-Fi infrastructure to support Apple’s (AAPL) $100 million contribution to ConnectED. Aerohive said it’s next-generation networking solutions will enable superior connectivity for Apple devices and supporting content, providing teachers a new set of tools to engage and inspire their students. Aerohive is the only Wi-Fi infrastructure company working with Apple on this initiative.
Aerohive will provide the Wi-Fi infrastructure as part of Apple’s deployments, supporting Apple-provided devices and giving reliable access to content and curriculum.
HIVE’s spike comes on solid volume with the issue trading 1.6M shares compared to the average volume of 214,923.
Aerohive Networks shares have declined 37.29% in the last 4 weeks and 39.33% in the past three months. Over the past 5 trading sessions the stock has gained 8.00%. The Sunnyvale, California-based company, which is currently valued at $281.26M, has a median Wall Street price target of $8.50 with a high target of $14.00.