Ceragon Networks (NASDAQ:CRNT) Downgraded by Wall Street Zen to Buy

Key Points

• Wall Street Zen downgraded Ceragon Networks from “strong buy” to “buy.” Despite this, analyst sentiment remains mixed, with a consensus rating of “hold” and an average price target of $3.75.
• Ceragon reported quarterly EPS of $0.02 and revenue of $93.91 million, exceeding analysts’ revenue expectations of $86.45 million. Analysts expect full-year EPS of $0.10.
• The stock opened at $2.20, with a market capitalization of approximately $200 million and a 52-week range of $1.85 to $3.29. Institutional investors own 13.31% of the company.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Saturday.

A number of other equities research analysts have also recently issued reports on the company. Roth Capital restated a "buy" rating and set a $4.50 price objective on shares of Ceragon Networks in a report on Tuesday, May 19th. Weiss Ratings upgraded Ceragon Networks from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, May 26th. Zacks Research cut Ceragon Networks from a "hold" rating to a "strong sell" rating in a report on Thursday, July 16th. Needham & Company LLC restated a "buy" rating and issued a $3.00 price target on shares of Ceragon Networks in a research note on Tuesday. Finally, Craig Hallum reaffirmed a "buy" rating and issued a $4.00 price objective on shares of Ceragon Networks in a report on Wednesday, May 20th. Four analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $3.75.

Ceragon Networks Price Performance

NASDAQ:CRNT opened at $2.20 on Friday. The company has a market cap of $199.96 million, a P/E ratio of -73.33 and a beta of 1.37. The firm's fifty day moving average price is $2.41 and its two-hundred day moving average price is $2.42. Ceragon Networks has a one year low of $1.85 and a one year high of $3.29.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) last posted its earnings results on Tuesday, August 11th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter. The company had revenue of $93.91 million during 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, equities research analysts expect that Ceragon Networks will post 0.1 earnings per share for the current year.

Institutional Investors Weigh In On Ceragon Networks

Several institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets acquired a new stake in Ceragon Networks during the second quarter worth approximately $26,000. Walleye Capital LLC acquired a new position in Ceragon Networks in the 4th quarter valued at $27,000. Tamar Securities LLC lifted its position in shares of Ceragon Networks by 67.3% during the 4th quarter. Tamar Securities LLC now owns 17,016 shares of the communications equipment provider's stock valued at $36,000 after acquiring an additional 6,848 shares during the period. HRT Financial LP lifted its position in shares of Ceragon Networks by 44.3% during the 4th quarter. HRT Financial LP now owns 19,660 shares of the communications equipment provider's stock valued at $41,000 after acquiring an additional 6,039 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in shares of Ceragon Networks during the 4th quarter worth $64,000. 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.

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