Ceragon Networks (NASDAQ:CRNT) Share Price Breaks Above Fifty Day Moving Average – Here’s Why

Ceragon Networks Ltd. (NASDAQ:CRNT)’s share price crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $2.08 and traded as high as $2.12. Ceragon Networks shares last traded at $2.10, with a volume of 472,407 shares changing hands.

Analysts Set New Price Targets

CRNT has been the subject of a number of research reports. Zacks Research upgraded Ceragon Networks from a “strong sell” rating to a “hold” rating in a report on Thursday, August 27th. Weiss Ratings cut Ceragon Networks from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, August 19th. Wall Street Zen downgraded Ceragon Networks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $3.00 target price on shares of Ceragon Networks in a report on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.75.

Ceragon Networks Stock Performance

The stock has a 50-day simple moving average of $2.08 and a two-hundred day simple moving average of $2.32. The firm has a market cap of $190.87 million, a PE ratio of -70.00 and a beta of 1.33.

Ceragon Networks (NASDAQ:CRNT) last posted its earnings results on Tuesday, August 11th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter. The business had revenue of $93.91 million for the quarter, compared to analysts’ expectations of $86.45 million. Ceragon Networks had a negative net margin of 0.95% and a positive return on equity of 2.74%. As a group, sell-side analysts anticipate that Ceragon Networks Ltd. will post 0.10 EPS for the current fiscal year.

Institutional Investors Weigh In On Ceragon Networks

Large investors have recently added to or reduced their stakes in the stock. First Wilshire Securities Management Inc. grew its position in Ceragon Networks by 18.0% in the 1st 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. Arrowstreet Capital Limited Partnership bought a new position in shares of Ceragon Networks during the 1st quarter valued at $911,000. Renaissance Technologies LLC lifted its holdings in shares of Ceragon Networks by 13.7% during the 1st quarter. Renaissance Technologies LLC now owns 214,500 shares of the communications equipment provider’s stock valued at $463,000 after buying an additional 25,800 shares during the period. Aristides Capital LLC lifted its holdings in shares of Ceragon Networks by 15.5% during the 1st quarter. Aristides Capital LLC now owns 162,963 shares of the communications equipment provider’s stock valued at $352,000 after buying an additional 21,833 shares during the period. Finally, AXQ Capital LP boosted its stake in shares of Ceragon Networks by 66.3% in the 2nd quarter. AXQ Capital LP now owns 48,663 shares of the communications equipment provider’s stock worth $126,000 after buying an additional 19,404 shares during the last quarter. Institutional investors own 13.31% of the company’s stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd. (NASDAQ: CRNT) is a telecommunications equipment and solutions provider headquartered in Israel. The company develops wireless transport systems that help communications service providers connect mobile networks, broadband infrastructure and other distributed sites without relying solely on fiber-optic connections.

Its product portfolio includes microwave and millimeter-wave radio systems, packet microwave solutions, antennas, network management software and related services.