Lake Street Capital Initiates Coverage on Ceragon Networks (NASDAQ:CRNT)

Equities researchers at Lake Street Capital began coverage on shares of Ceragon Networks (NASDAQ:CRNT) in a report issued on Tuesday. The brokerage set a “buy” rating and a $3.50 price target on the communications equipment provider’s stock. Lake Street Capital’s target price suggests a potential upside of 74.13% from the stock’s previous close.

Several other equities analysts have also recently weighed in on CRNT. Zacks Research cut shares of 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 Friday. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $3.50.

Ceragon Networks Trading Down 5.2%

NASDAQ CRNT opened at $2.01 on Tuesday. The company has a market cap of $178.75 million, a P/E ratio of -100.50 and a beta of 1.20. The company has a fifty day simple moving average of $2.28 and a 200 day simple moving average of $2.25. Ceragon Networks has a 12-month low of $1.82 and a 12-month high of $2.84.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Tuesday, February 17th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). The business had revenue of $82.33 million during the quarter, compared to the consensus estimate of $84.23 million. Ceragon Networks had a negative net margin of 0.62% and a positive return on equity of 3.52%. Sell-side analysts predict that Ceragon Networks will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Ceragon Networks

A number of hedge funds and other institutional investors have recently made changes to their positions in CRNT. BNP Paribas Financial Markets bought a new position in Ceragon Networks during the second quarter valued at about $26,000. Jones Financial Companies Lllp grew its position in shares of Ceragon Networks by 283.3% during the 3rd quarter. Jones Financial Companies Lllp now owns 11,500 shares of the communications equipment provider’s stock valued at $27,000 after acquiring an additional 8,500 shares during the period. Walleye Capital LLC purchased a new stake in shares of Ceragon Networks during the 4th quarter worth approximately $27,000. Tamar Securities LLC raised its holdings in shares of Ceragon Networks by 67.3% in the 4th 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 during the period. Finally, HRT Financial LP lifted its stake in Ceragon Networks by 44.3% in the fourth quarter. HRT Financial LP now owns 19,660 shares of the communications equipment provider’s stock valued at $41,000 after purchasing an additional 6,039 shares during the last quarter. 13.31% of the stock is owned by hedge funds and other 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.