Zacks Investment Research Downgrades Ceragon Networks (NASDAQ:CRNT) to Sell

Ceragon Networks (NASDAQ:CRNTGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Ceragon Networks Ltd. is a leading provider of high-capacity wireless backhaul solutions for cellular and fixed wireless operators, enterprises and government organizations. Ceragon’s modular FibeAir product family is recognized as the gold standard for backhaul transmission and is also one of the top solutions chosen by cellular operators for SONET/SDH rings. A scalable, future-proof solution for wireless transport of broadband services, FibeAir operates across multiple frequencies for IP and SONET/SDH protocols, supporting the emerging needs of next-generation networks that are evolving to all-IP based services, including triple-play. It leads the market in IP backhaul, offering a unique, native IP solution that provides the efficient, robust connectivity required for WiFi, WiMAX and converged networks. “

Several other equities analysts have also commented on CRNT. TheStreet lowered Ceragon Networks from a “c-” rating to a “d+” rating in a research report on Thursday, March 3rd. StockNews.com started coverage on Ceragon Networks in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $5.63.

Shares of NASDAQ:CRNT opened at $1.89 on Thursday. The stock’s 50 day moving average is $2.05 and its 200-day moving average is $2.42. Ceragon Networks has a twelve month low of $1.76 and a twelve month high of $4.33. The firm has a market capitalization of $157.60 million, a price-to-earnings ratio of -9.45, a PEG ratio of 5.20 and a beta of 1.69.

Ceragon Networks (NASDAQ:CRNTGet Rating) last announced its quarterly earnings data on Monday, May 2nd. The communications equipment provider reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Ceragon Networks had a negative return on equity of 4.69% and a negative net margin of 5.44%. During the same period in the prior year, the firm posted ($0.01) earnings per share.

Several institutional investors and hedge funds have recently modified their holdings of the company. Traynor Capital Management Inc. grew its position in Ceragon Networks by 25.4% during the 4th quarter. Traynor Capital Management Inc. now owns 37,000 shares of the communications equipment provider’s stock worth $95,000 after purchasing an additional 7,500 shares during the period. Moors & Cabot Inc. acquired a new stake in shares of Ceragon Networks during the 3rd quarter valued at about $236,000. Penserra Capital Management LLC grew its position in shares of Ceragon Networks by 1.6% during the 3rd quarter. Penserra Capital Management LLC now owns 1,728,975 shares of the communications equipment provider’s stock valued at $6,034,000 after acquiring an additional 26,754 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in Ceragon Networks in the 3rd quarter worth about $802,000. Finally, BNP Paribas Arbitrage SA acquired a new stake in Ceragon Networks in the 4th quarter worth about $56,000. Hedge funds and other institutional investors own 23.38% of the company’s stock.

About Ceragon Networks (Get Rating)

Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services. Its wireless backhaul solutions use microwave and millimeter wave technology to transfer telecommunication traffic between base stations, small/distributed cells, and the core of the service provider's network.

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