Cambium Networks (NASDAQ:CMBM) Shares Down 4.9% – Here’s What Happened

Cambium Networks Corporation (NASDAQ:CMBM) dropped 4.9% during trading on Thursday . The stock traded as low as $0.89 and last traded at $0.95. Approximately 267,655 shares traded hands during trading, an increase of 5% from the average daily volume of 255,215 shares. The stock had previously closed at $1.00.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Cambium Networks to a “hold” rating in a research note on Saturday, August 16th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $3.00.

Cambium Networks Price Performance

The firm has a fifty day simple moving average of $0.82 and a 200-day simple moving average of $0.58. The firm has a market cap of $26.73 million, a P/E ratio of -0.31 and a beta of 1.27.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMBM. Jane Street Group LLC boosted its holdings in Cambium Networks by 216.9% in the fourth quarter. Jane Street Group LLC now owns 68,084 shares of the company’s stock worth $44,000 after acquiring an additional 46,602 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Cambium Networks by 88.0% in the fourth quarter. Millennium Management LLC now owns 175,802 shares of the company’s stock valued at $113,000 after purchasing an additional 82,299 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Cambium Networks by 467.2% in the fourth quarter. Squarepoint Ops LLC now owns 81,844 shares of the company’s stock valued at $53,000 after purchasing an additional 67,414 shares in the last quarter. AMH Equity Ltd lifted its holdings in shares of Cambium Networks by 50.3% in the first quarter. AMH Equity Ltd now owns 1,250,381 shares of the company’s stock valued at $882,000 after purchasing an additional 418,381 shares in the last quarter. Finally, Jones Financial Companies Lllp bought a new position in shares of Cambium Networks in the first quarter valued at approximately $26,000. Institutional investors own 87.17% of the company’s stock.

About Cambium Networks

Cambium Networks Corporation, together with its subsidiaries, engages in the design, development, and manufacture of wireless broadband and Wi-Fi networking infrastructure solutions. The company offers point-to-point fixed wireless backhaul and point-to-multipoint fixed wireless solutions; and enterprise solutions comprising cnMatrix cloud-managed wireless-aware switching solution, Xirrus Wi-Fi solutions, and Wi-Fi 6/6E access points which support cnMaestro and Xirrus XMS management.