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Does Penny Stock CYREN Belong in Your Portfolio?

Published Oct 19, 2021 08:40AM ET Updated Oct 19, 2021 09:00AM ET
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Israel-based cybersecurity company Cyren (NASDAQ:CYRN) boasts a broad consumer base and has been completing several product developments with the help of Cyber Inbox Security. However, CYRN’s shares have declined in price over the past few months. So, let’s evaluate if it is wise to scoop up its shares now. Read on.Based in Herzliya, Israel, Cyren Ltd. (CYRN) is developing and marketing information security solutions to protect Web, e-mail, and mobile transactions. Its offerings include Cyber Intelligence Suite and CYREN EmailSecurity, and its customers include industry-leading companies such as Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc.’s (NASDAQ:GOOGL) Google. However, the penny stock has lost 50.9% in price over the past year and 21.1% over the past month to close yesterday’s trading session at $0.47.

CYRN announced on October 6 that it received written notification from the Nasdaq Capital Market that it needed to regain compliance with Nasdaq's minimum bid price requirement by April 4, 2022. In addition, the company has been selling shares and intends to use the proceeds for working capital purposes and the repayment of debt.

On September 20, CYRN completed a private offering of roughly 14 million of its ordinary shares. However, this transaction could lead to share dilution. So, CYRN’s near-term prospects look uncertain.

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Does Penny Stock CYREN Belong in Your Portfolio?
 

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