Ceragon Networks (NASDAQ:CRNT) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Ceragon Networks Ltd. (NASDAQ:CRNT) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $2.20 and traded as high as $2.35. Ceragon Networks shares last traded at $2.33, with a volume of 514,272 shares trading hands.

Analysts Set New Price Targets

CRNT has been the topic of several research reports. Zacks Research lowered Ceragon Networks from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Weiss Ratings restated a “hold (c-)” rating on shares of Ceragon Networks in a report on Monday, December 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Ceragon Networks in a research note on Wednesday, November 12th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $4.00.

Ceragon Networks Price Performance

The company has a market cap of $207.21 million, a PE ratio of 116.56 and a beta of 1.07. The company has a 50-day moving average price of $2.13 and a two-hundred day moving average price of $2.20.

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

Institutional Investors Weigh In On Ceragon Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Eagle Investment Management LLC lifted its stake in shares of Ceragon Networks by 30.9% in the second quarter. First Eagle Investment Management LLC now owns 590,860 shares of the communications equipment provider’s stock worth $1,454,000 after acquiring an additional 139,528 shares in the last quarter. WealthTrust Axiom LLC increased its holdings in Ceragon Networks by 172.1% during the 2nd quarter. WealthTrust Axiom LLC now owns 464,200 shares of the communications equipment provider’s stock worth $1,142,000 after purchasing an additional 293,600 shares during the last quarter. Squarepoint Ops LLC raised its position in shares of Ceragon Networks by 642.7% in the 2nd quarter. Squarepoint Ops LLC now owns 552,939 shares of the communications equipment provider’s stock valued at $1,360,000 after purchasing an additional 478,489 shares in the last quarter. First Wilshire Securities Management Inc. raised its position in shares of Ceragon Networks by 23.6% in the 2nd quarter. First Wilshire Securities Management Inc. now owns 4,058,774 shares of the communications equipment provider’s stock valued at $9,985,000 after purchasing an additional 775,782 shares in the last quarter. Finally, Almanack Investment Partners LLC. purchased a new position in shares of Ceragon Networks during the 2nd quarter valued at approximately $100,000. Hedge funds and other institutional investors 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.