Ceragon Networks (NASDAQ:CRNT) Shares Up 7.1%

Ceragon Networks Ltd (NASDAQ:CRNT) shares shot up 7.1% during trading on Friday . The stock traded as high as $2.42 and last traded at $2.41, 558,786 shares were traded during mid-day trading. A decline of 13% from the average session volume of 639,585 shares. The stock had previously closed at $2.25.

Several brokerages have commented on CRNT. ValuEngine raised Ceragon Networks from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. TheStreet lowered Ceragon Networks from a “b” rating to a “c+” rating in a research note on Friday, May 10th. BidaskClub lowered Ceragon Networks from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Oppenheimer set a $4.00 price target on Ceragon Networks and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, Zacks Investment Research lowered Ceragon Networks from a “buy” rating to a “sell” rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. Ceragon Networks has an average rating of “Hold” and an average price target of $3.83.

The stock has a 50 day moving average price of $2.76 and a 200-day moving average price of $3.36. The stock has a market capitalization of $193.35 million, a price-to-earnings ratio of 12.05, a price-to-earnings-growth ratio of 0.74 and a beta of 1.21.

Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings results on Monday, August 12th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.01). The firm had revenue of $73.00 million during the quarter, compared to analyst estimates of $72.62 million. Ceragon Networks had a return on equity of 8.33% and a net margin of 6.14%. On average, equities analysts anticipate that Ceragon Networks Ltd will post 0.12 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. purchased a new position in Ceragon Networks during the second quarter worth approximately $33,000. Seelaus Asset Management LLC purchased a new position in Ceragon Networks during the first quarter worth approximately $36,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Ceragon Networks during the first quarter worth approximately $54,000. Penserra Capital Management LLC purchased a new position in Ceragon Networks during the first quarter worth approximately $61,000. Finally, Bluestein R H & Co. purchased a new position in Ceragon Networks during the second quarter worth approximately $70,000. Hedge funds and other institutional investors own 20.10% of the company’s stock.

About Ceragon Networks (NASDAQ:CRNT)

Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services worldwide. Its wireless backhaul solutions use microwave and millimeter wave technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.

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