Ceragon Networks (NASDAQ:CRNT) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Shares of Ceragon Networks Ltd. (NASDAQ:CRNT) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.34 and traded as high as $3.05. Ceragon Networks shares last traded at $2.99, with a volume of 615,259 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRNT. Craig Hallum reaffirmed a “buy” rating and issued a $4.00 target price on shares of Ceragon Networks in a report on Wednesday, May 20th. Roth Mkm reaffirmed a “buy” rating and set a $4.50 price target on shares of Ceragon Networks in a report on Tuesday, May 19th. Wall Street Zen upgraded shares of Ceragon Networks from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 23rd. Lake Street Capital started coverage on shares of Ceragon Networks in a research note on Tuesday, March 31st. They issued a “buy” rating and a $3.50 price objective for the company. Finally, Weiss Ratings upgraded shares of Ceragon Networks from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, May 26th. Four research 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.75.

Ceragon Networks Stock Performance

The stock’s 50 day simple moving average is $2.62 and its 200 day simple moving average is $2.34. The firm has a market cap of $271.76 million, a P/E ratio of -149.50 and a beta of 1.35.

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

Hedge Funds Weigh In On Ceragon Networks

Institutional investors have recently added to or reduced their stakes in the stock. First Wilshire Securities Management Inc. boosted its position in Ceragon Networks by 18.0% during the first quarter. First Wilshire Securities Management Inc. now owns 4,854,150 shares of the communications equipment provider’s stock worth $10,485,000 after purchasing an additional 740,358 shares during the period. CSM Advisors LLC boosted its position in Ceragon Networks by 10.5% during the fourth quarter. CSM Advisors LLC now owns 2,284,048 shares of the communications equipment provider’s stock worth $4,795,000 after purchasing an additional 216,273 shares during the period. Private Advisor Group LLC boosted its position in Ceragon Networks by 47.4% during the fourth quarter. Private Advisor Group LLC now owns 1,420,888 shares of the communications equipment provider’s stock worth $2,984,000 after purchasing an additional 456,710 shares during the period. WealthTrust Axiom LLC boosted its position in Ceragon Networks by 13.2% during the fourth quarter. WealthTrust Axiom LLC now owns 900,299 shares of the communications equipment provider’s stock worth $1,891,000 after purchasing an additional 104,799 shares during the period. Finally, Qube Research & Technologies Ltd boosted its position in 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 worth $1,427,000 after purchasing an additional 290,695 shares during the period. 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.