Most stock market movements today have been driven by the Russia-Ukraine conflict. Reports of multiple attacks began circulating last night, driving both fear and uncertainty. While this negative market momentum has pushed most companies into the red, cybersecurity firms have been rising all day. The biggest news out of the industry is that many eyes are on Cyren (NASDAQ:CYRN), an Israel-based firm that trades at penny stock levels. CYRN stock has surpassed the gains of many of its larger peers today.
The day didn’t start out unexpectedly for Cyren, though. On the contrary, shares rose gradually through the morning and began to spike in the afternoon. By 2:35 EST, they had risen by an astounding 200%. Although CYRN stock has since dropped off a bit, it is still up almost 119% for the day.
Cyren’s larger peers didn’t grow by anywhere near that magnitude. Industry leader Palo Alto Networks (NASDAQ:PANW) has been hailed as a cybersecurity play for the year but it is only up 13% for the day. Hyper-growth stock SentinelOne (NYSE:S) has been rising as well. Its gains are just shy of 15%.
When a penny stock rises in a single day by triple digits, it can often be traced back to social media. A quick look around Twitter (NYSE:TWTR) revealed that this was indeed the case with CYRN.
What’s Happening with CYRN Stock
Who has been tweeting about CRYN stock? For one, acclaimed investor Timothy Sykes. The day-trader-turned-social-media-influencer tweeted about CYRN multiple times today. Sykes is known for his penny stock investments.
WOW $CYRN so beautiful, congrats to longs there
— Timothy Sykes (@timothysykes) February 24, 2022
EVERYONE congratulate this hardworking challenge student: Trade4Charity → timothysykes: got in $CYRN at 3.92 after STT news alert. Bought…
— Timothy Sykes (@timothysykes) February 24, 2022
On top of this, a market scanner with a large following flagged CYRN as a top-performing penny stock.
Today’s Top Penny Stock Gainers$CYRN $EVIO $CBDL $OPAD-WS $PUGE $IRNT-WS $ZDEXF $SNMP $REOS $USWS#pennystocks #hotstocks #otcbb #pinksheet pic.twitter.com/JyJ9biRidW
— Scanz (@GetScanz) February 24, 2022
And, as can be expected, calls for bullish plays on CYRN stock increased.
Turn on your notification so that you don't miss that next $ISPO $ANGH $IRNT $CYRN 😉
— Manpreet (@manpreetkailon) February 24, 2022
Momentum still hasn’t died down as the trading day winds to a close. There hasn’t been much discussion on Reddit, but it hasn’t mattered. Many Twitter users are loving the ride that CYRN stock has taken them on.
What It Means
Investors have been searching for the next big meme stock since the year began. While the future remains uncertain, it’s possible that they just may have found it on one of the year’s worst market days.
In some ways, it makes sense that CYRN would take off today. It’s a small company that trades at very low levels. While it wouldn’t be on Wall Street’s radar, it began today trading at $2 per share, enough for anyone who’d gone long on it to walk away with a substantial profit. This was a great day for cybersecurity firms as geopolitical fears dominated markets. For contrarian investors looking to cash in, CYRN would have been a tempting play.
While there’s no guarantee that it will stay where it is, CYRN stock is absolutely worth watching as the conflict persists.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
