Aerohive Networks Off Early Morning Lows

Aerohive Networks Inc HIVE shares are trading lower by $0.27 (4.8 percent) at $5.36, but is well off its session low of $4.55.

The catalyst for the lower open was the announcement that the company cut its Q3 EPS and revenue, as well lower Q4 guidance. That prompted Wunderlich to downgrade the stock from Buy to Hold.

However, buyers emerged off the lower open and aggressively purchased the issue. After a lower open, it went lower by another $0.18 before bottoming at $4.55 and reversing course. That is just above its 2016 low of $4.40 made in January.

The ensuing rally has taken the issue back into the $5 handle. So far, it has found some resistance just ahead of the Thursday's close ($5.63) as the current high stands at $5.42.