Ceragon Networks (NASDAQ:CRNT) Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of Ceragon Networks (NASDAQ:CRNT) from a hold rating to a strong sell rating in a research note published on Tuesday morning,Zacks.com reports.

Several other analysts have also commented on CRNT. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ceragon Networks in a research note on Monday, December 29th. Needham & Company LLC reissued a “buy” rating and set a $3.00 price objective on shares of Ceragon Networks in a report on Wednesday, November 12th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Ceragon Networks presently has an average rating of “Hold” and a consensus target price of $4.00.

Ceragon Networks Stock Performance

Shares of Ceragon Networks stock opened at $2.34 on Tuesday. The firm has a market cap of $208.10 million, a P/E ratio of 117.06 and a beta of 1.07. The firm’s 50-day simple moving average is $2.10 and its 200-day simple moving average is $2.21. Ceragon Networks has a twelve month low of $1.82 and a twelve month high of $5.52.

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

Hedge Funds Weigh In On Ceragon Networks

A number of institutional investors and hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC increased its stake in shares of Ceragon Networks by 132.2% in the first quarter. NewEdge Advisors LLC now owns 106,255 shares of the communications equipment provider’s stock valued at $250,000 after buying an additional 60,498 shares in the last quarter. Axis Wealth Partners LLC bought a new stake in Ceragon Networks during the 2nd quarter worth about $26,000. Almanack Investment Partners LLC. acquired a new stake in Ceragon Networks in the 2nd quarter valued at about $100,000. R Squared Ltd acquired a new stake in Ceragon Networks in the 2nd quarter valued at about $97,000. Finally, Bank of Montreal Can bought a new position in shares of Ceragon Networks in the second quarter worth about $35,000. Institutional investors and hedge funds own 13.31% of the company’s stock.

About Ceragon Networks

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.