Shares of the Cyren Ltd. (CYRN) stock were rising in the pre-market trading session today without any obvious reason. CYRN stock price saw a push of 21.83% to reach $0.73 a share at the time of this writing. The trading volume as of now was 7,729,004. The stock was also green in the previous trading and went up by 15.79% at closing.
Cyren Ltd is the security solution provider is an Israeli-based company that provides information security solutions to businesses across the globe. Let’s dig in to explore more about this stock.
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CYRN stock Partners with Improving:
CYRN stock on September 08, 2021, did announce a partnership with Improving for strong phishing defense for Microsoft 365. The agreement will not only address the phishing threats but also the increasing rate of cloud adoption. Cyren’s anti-phishing solutions combined with Improving’s IT services will help businesses to bolster the Microsoft 365 power. On the other hand, the effort to detect phishing attacks will be eradicated as a result of combined Cyren and Improving services.
For individuals who don’t know much about Improving, it is the IT firm that provides various IT services and training across the globe. More than 1000 employees have been working in the company.
Towpath Selected CYRN stock for Security Purposes:
On August 25, 2021, Towpath selected Cyren Inbox Security in order to defend against phishing and fraud. The formed has deployed CYRN stock’s anti-phishing solution to ensure the security of its operations. Cyren Inbox Security will protect Towpath’s operations against phishing, fraud and email threats, etc. Towpath is a community-based credit union that has been serving its customers for more than 85 years.
Financial View of CYRN stock:
According to second-quarter 2021 financial results, Cyren stock generated $7.6 million in revenue. This compares to $9.2 million in the same prior-year period. CYRN stock suffered a GAAP net loss of $5.6 million in the three months ended June 30, 2021. GAAP net loss for the same tenure of the previous year was $4.6 million for the CYRN stock. Operating expenses declined from $2.5 million in Q2,2020 to $2.3 million in Q2,2021. By the end of the second quarter, Cyren had $13.9 million in cash and cash equivalent.
It seems that Cyren is continuing the rising momentum after the considerable Friday move. The stock has gained 7.14% in the last 30 days while lost 43.93% year-to-date.