Ceragon Networks (NASDAQ:CRNT) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of Ceragon Networks (NASDAQ:CRNT) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday.

Several other brokerages also recently commented on CRNT. Weiss Ratings raised shares of Ceragon Networks from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, May 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $3.00 price target on shares of Ceragon Networks in a research report on Tuesday, August 11th. Craig Hallum reiterated a “buy” rating and issued a $4.00 price target on shares of Ceragon Networks in a research report on Wednesday, May 20th. Zacks Research downgraded Ceragon Networks from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Finally, Roth Capital reaffirmed a “buy” rating and set a $4.50 price objective on shares of Ceragon Networks in a research report on Tuesday, May 19th. Four analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $3.75.

Ceragon Networks Stock Performance

Ceragon Networks stock opened at $2.18 on Friday. The stock has a 50-day simple moving average of $2.39 and a 200 day simple moving average of $2.42. The stock has a market capitalization of $198.14 million, a P/E ratio of -72.67 and a beta of 1.37. Ceragon Networks has a 52 week low of $1.85 and a 52 week high of $3.29.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Tuesday, August 11th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter. Ceragon Networks had a positive return on equity of 2.74% and a negative net margin of 0.95%.The firm had revenue of $93.91 million for the quarter, compared to analyst estimates of $86.45 million. Research analysts forecast that Ceragon Networks will post 0.1 earnings per share for the current year.

Institutional Trading of Ceragon Networks

Several hedge funds and other institutional investors have recently made changes to their positions in CRNT. NewEdge Advisors LLC grew its holdings in Ceragon Networks by 132.2% during the 1st quarter. NewEdge Advisors LLC now owns 106,255 shares of the communications equipment provider’s stock worth $250,000 after acquiring an additional 60,498 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in Ceragon Networks by 100.4% in 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 acquiring an additional 290,695 shares during the last quarter. Squarepoint Ops LLC lifted 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 worth $1,360,000 after purchasing an additional 478,489 shares during the period. Bank of America Corp DE increased its position in shares of Ceragon Networks by 31.7% during the second quarter. Bank of America Corp DE now owns 372,961 shares of the communications equipment provider’s stock worth $917,000 after buying an additional 89,821 shares during the period. Finally, Boothbay Fund Management LLC boosted its position in Ceragon Networks by 85.6% during the second quarter. Boothbay Fund Management LLC now owns 134,364 shares of the communications equipment provider’s stock valued at $331,000 after acquiring an additional 61,976 shares during the last quarter. 13.31% of the stock is currently owned by institutional investors.

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.