Ceragon Networks (NASDAQ:CRNT) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Ceragon Networks Ltd. (NASDAQ:CRNT) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.22 and traded as high as $2.27. Ceragon Networks shares last traded at $2.23, with a volume of 774,984 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Zacks Research upgraded Ceragon Networks from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ceragon Networks in a research report on Monday, December 29th. Finally, Needham & Company LLC restated a “buy” rating and set a $3.00 price target on shares of Ceragon Networks in a research report on Wednesday, November 12th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4.00.

Ceragon Networks Trading Up 2.3%

The company has a market capitalization of $198.31 million, a PE ratio of 111.56 and a beta of 1.07. The company has a fifty day simple moving average of $2.14 and a 200-day simple moving average of $2.22.

Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings results on Wednesday, November 12th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). Ceragon Networks had a net margin of 0.38% and a return on equity of 6.67%. The firm had revenue of $85.48 million for the quarter, compared to analyst estimates of $83.48 million. On average, equities analysts predict that Ceragon Networks Ltd. will post 0.26 EPS for the current fiscal year.

Institutional Trading of Ceragon Networks

A number of hedge funds and other institutional investors have recently made changes to their positions in CRNT. JPMorgan Chase & Co. lifted its holdings in Ceragon Networks by 26.8% in the third quarter. JPMorgan Chase & Co. now owns 234,701 shares of the communications equipment provider’s stock valued at $547,000 after acquiring an additional 49,549 shares during the last quarter. Worth Venture Partners LLC acquired a new position in shares of Ceragon Networks in the 3rd quarter valued at $122,000. CSM Advisors LLC purchased a new position in shares of Ceragon Networks during the 3rd quarter worth $4,819,000. Boothbay Fund Management LLC increased its position in shares of Ceragon Networks by 48.6% during the 3rd quarter. Boothbay Fund Management LLC now owns 199,663 shares of the communications equipment provider’s stock worth $465,000 after purchasing an additional 65,299 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Ceragon Networks by 49.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,817 shares of the communications equipment provider’s stock valued at $37,000 after buying an additional 5,211 shares during the period. Institutional investors and hedge funds own 13.31% of the company’s stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd. is a global provider of wireless backhaul solutions, specializing in high-capacity, low-latency connectivity for mobile operators and private networks. The company designs and manufactures a portfolio of microwave and millimeter-wave equipment that serves as a fiber alternative for carrying voice, data and video traffic between cell sites and core networks. Ceragon’s solutions are engineered to support the rigorous performance requirements of modern 4G and 5G deployments, with an emphasis on scalability, reliability and efficient spectrum utilization.

The company’s product lineup includes point-to-point and multi-point radio platforms, as well as software-driven network management tools that enable operators to plan, deploy and monitor end-to-end transport networks.