Ceragon Networks (NASDAQ:CRNT) Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Ceragon Networks (NASDAQ:CRNT) from a "strong sell" to a "hold"; the stock's consensus rating is "Hold" with an average target price of $3.50.
• Ceragon missed quarterly estimates, reporting EPS of $0.02 vs. $0.03 expected and revenue of $82.33M vs. $84.23M, leaving a negative net margin (-0.62%) and a negative P/E (~-129.5); the stock opened at $2.59 with a market cap of about $229M.
• Analyst coverage is mixed (three Buys, one Hold, one Sell) and institutional ownership is relatively low (~13.3%), although several small funds recently added positions.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on the stock. Lake Street Capital began coverage on shares of Ceragon Networks in a research report on Tuesday, March 31st. They set a "buy" rating and a $3.50 price objective for the company. Weiss Ratings downgraded shares of Ceragon Networks from a "hold (c-)" rating to a "sell (d)" rating in a research report on Monday. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $3.50.

Ceragon Networks Stock Performance

CRNT opened at $2.59 on Tuesday. The company has a 50-day moving average of $2.29 and a 200-day moving average of $2.26. The company has a market capitalization of $228.93 million, a P/E ratio of -129.50 and a beta of 1.24. Ceragon Networks has a 1-year low of $1.82 and a 1-year high of $2.84.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) last released its earnings results on Tuesday, February 17th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). The company had revenue of $82.33 million during the quarter, compared to the consensus estimate of $84.23 million. Ceragon Networks had a positive return on equity of 3.52% and a negative net margin of 0.62%. As a group, sell-side analysts expect that Ceragon Networks will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets bought a new position in shares of Ceragon Networks in the second quarter valued at approximately $26,000. Jones Financial Companies Lllp boosted its holdings in shares of Ceragon Networks by 283.3% in the third 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 in the last quarter. Walleye Capital LLC bought a new position in shares of Ceragon Networks in the fourth quarter valued at approximately $27,000. Tamar Securities LLC boosted its holdings in shares of Ceragon Networks by 67.3% in the fourth 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 in the last quarter. Finally, HRT Financial LP boosted its holdings in shares of 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 acquiring an additional 6,039 shares in the last quarter. 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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