Tellabs (NASDAQ:TLAB) traded at a new 52-week low today of $2.20. This new low was reached on approximately average trading volume as 6.3 million shares traded hands, while the average 30-day volume is approximately 5.9 million shares.
Tellabs has overhead space with shares priced $2.21, or 30.9% below the average consensus analyst price target of $3.21. The stock should run into initial resistance at its 50-day moving average (MA) of $2.98 and subsequent resistance at its 200-day MA of $3.40.
Tellabs, Inc. designs, manufactures, markets, and services voice, data, and video transport and network access systems. The Company's products are used worldwide by public telephone companies, long-distance carriers, alternate service providers, cellular service providers, cable operators, government agencies, utilities, and business end-users.
Tellabs share prices have moved between a 52-week high of $4.41 and the current low of $2.20 and are currently at $2.21 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 2.8%.
