CIENA Corp. (CIEN) has had a very strong day today. The stock continues to rip higher and is currently up more than 4%, printing the tape at a new 52-week high of $24.25.
Today’s trading range for shares of Cien Corporation, whose consensus price target of analysts covering the company’s stock is $22.00 per share, has been between $23.00 and $24.25 p/sh. Over the last 52 weeks CIEN has gained nearly 93%. Next level of interest for the stock is 2008’s peak of $30.00.
CIEN currently trades at a forward multiple of 22.02 and a P/E to Growth ratio of 9.67. More than 7.9 million shares have already traded hands compared to a daily average of around 6 million.
At last check, CIENA shares, which opened at $23.09 on Thursday, were up $0.94, or 4.10% to $23.88 in trading on the Nasdaq.