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

Zacks Research lowered shares of Ceragon Networks (NASDAQ:CRNT) from a hold rating to a strong sell rating in a research report released on Thursday,Zacks.com reports.

Several other research analysts have also issued reports on the company. Lake Street Capital started coverage on Ceragon Networks in a research note on Tuesday, March 31st. They set a “buy” rating and a $3.50 price objective for the company. Wall Street Zen raised shares of Ceragon Networks from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 23rd. Needham & Company LLC restated a “buy” rating and issued a $3.00 price target on shares of Ceragon Networks in a research report on Wednesday, May 20th. Roth Capital reaffirmed a “buy” rating and set a $4.50 price objective on shares of Ceragon Networks in a research note on Tuesday, May 19th. Finally, Craig Hallum reaffirmed a “buy” rating and set a $4.00 price objective on shares of Ceragon Networks in a report on Wednesday, May 20th. Four investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $3.75.

Ceragon Networks Stock Performance

Shares of Ceragon Networks stock opened at $2.17 on Thursday. The firm has a market cap of $197.24 million, a P/E ratio of -108.50 and a beta of 1.36. The firm’s 50-day simple moving average is $2.63 and its 200-day simple moving average is $2.42. Ceragon Networks has a twelve month low of $1.82 and a twelve month high of $3.29.

Ceragon Networks (NASDAQ:CRNT) last posted its quarterly earnings results on Wednesday, April 15th. The communications equipment provider reported $0.01 earnings per share (EPS) for the quarter. The firm had revenue of $85.00 million during the quarter. Ceragon Networks had a negative net margin of 0.73% and a positive return on equity of 2.27%. On average, equities analysts forecast that Ceragon Networks will post 0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets bought a new stake in Ceragon Networks during the 2nd quarter worth about $26,000. Walleye Capital LLC acquired a new position in shares of Ceragon Networks during the fourth quarter worth approximately $27,000. Tamar Securities LLC lifted its position in shares of Ceragon Networks by 67.3% during the fourth quarter. Tamar Securities LLC now owns 17,016 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 6,848 shares in the last quarter. HRT Financial LP lifted its position in shares of Ceragon Networks by 44.3% during the fourth quarter. HRT Financial LP now owns 19,660 shares of the communications equipment provider’s stock worth $41,000 after purchasing an additional 6,039 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in shares of Ceragon Networks during the fourth quarter valued at approximately $64,000. 13.31% of the stock is owned by institutional investors.

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.