Ceragon Networks (NASDAQ:CRNT) Upgraded at Zacks Research

Zacks Research upgraded shares of Ceragon Networks (NASDAQ:CRNT) from a strong sell rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

A number of other equities analysts have also recently weighed in on CRNT. Weiss Ratings cut Ceragon Networks from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday. Lake Street Capital started coverage on Ceragon Networks in a research note on Tuesday, March 31st. They issued a “buy” rating and a $3.50 target price for the company. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Ceragon Networks presently has a consensus rating of “Hold” and a consensus price target of $3.50.

Ceragon Networks Stock Performance

NASDAQ CRNT opened at $2.53 on Tuesday. Ceragon Networks has a 52-week low of $1.82 and a 52-week high of $2.84. The company has a market capitalization of $223.63 million, a P/E ratio of -126.50 and a beta of 1.24. The company has a fifty day moving average of $2.30 and a 200-day moving average of $2.26.

Ceragon Networks (NASDAQ:CRNT) last released its earnings results on Tuesday, February 17th. The communications equipment provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). Ceragon Networks had a negative net margin of 0.62% and a positive return on equity of 3.52%. The firm had revenue of $82.33 million during the quarter, compared to the consensus estimate of $84.23 million. As a group, analysts forecast that Ceragon Networks will post 0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. CSM Advisors LLC bought a new stake in shares of Ceragon Networks in the 3rd quarter valued at about $4,819,000. Private Advisor Group LLC purchased a new position in Ceragon Networks in the 3rd quarter worth approximately $2,247,000. Squarepoint Ops LLC lifted its position in Ceragon Networks by 642.7% in the second 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 during the last quarter. Essex Investment Management Co. LLC lifted its position in Ceragon Networks by 36.9% in the third quarter. Essex Investment Management Co. LLC now owns 1,418,197 shares of the communications equipment provider’s stock valued at $3,304,000 after purchasing an additional 382,058 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Ceragon Networks by 100.4% during the second quarter. Qube Research & Technologies Ltd now owns 580,093 shares of the communications equipment provider’s stock valued at $1,427,000 after purchasing an additional 290,695 shares during the period. Hedge funds and other institutional investors 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.