Ceragon Networks (NASDAQ:CRNT) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Ceragon's stock crossed above its 200-day moving average, trading as high as $2.30 versus the 200-day MA of $2.23 on Monday with about 292,700 shares traded.
• The analyst picture is mixed — three Buys, one Hold and one Sell — leaving an average MarketBeat consensus rating of "Hold" and an average target price of $4.00.
• Recent quarterly results missed estimates (EPS $0.02 vs. $0.03 expected; revenue $82.33M vs. $84.23M), and the company has a market cap of roughly $204.5M with a negative net margin despite a small positive ROE.

Ceragon Networks Ltd. (NASDAQ:CRNT - Get Free Report) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $2.23 and traded as high as $2.30. Ceragon Networks shares last traded at $2.30, with a volume of 292,700 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRNT. Weiss Ratings reiterated a "hold (c-)" rating on shares of Ceragon Networks in a research report on Monday, December 29th. Needham & Company LLC restated a "buy" rating and issued a $3.00 target price on shares of Ceragon Networks in a report on Wednesday, November 12th. Finally, Zacks Research cut shares of Ceragon Networks from a "hold" rating to a "strong sell" rating in a research report on Tuesday, January 20th. 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 stock. According to MarketBeat.com, Ceragon Networks has an average rating of "Hold" and an average target price of $4.00.

Ceragon Networks Trading Up 2.7%

The company has a 50-day moving average price of $2.27 and a two-hundred day moving average price of $2.23. The stock has a market cap of $204.54 million, a P/E ratio of -115.00 and a beta of 1.20.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 17th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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, equities analysts forecast that Ceragon Networks Ltd. will post 0.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ceragon Networks

A number of large investors have recently made changes to their positions in the company. CSM Advisors LLC bought a new position in Ceragon Networks during the 3rd quarter valued at about $4,819,000. Private Advisor Group LLC purchased a new position in shares of Ceragon Networks during the third quarter valued at approximately $2,247,000. First Wilshire Securities Management Inc. boosted its position in shares of Ceragon Networks by 23.6% during the second quarter. First Wilshire Securities Management Inc. now owns 4,058,774 shares of the communications equipment provider's stock valued at $9,985,000 after buying an additional 775,782 shares during the period. Squarepoint Ops LLC grew its stake in shares of Ceragon Networks by 642.7% during the second quarter. Squarepoint Ops LLC now owns 552,939 shares of the communications equipment provider's stock valued at $1,360,000 after buying an additional 478,489 shares during the last quarter. Finally, Essex Investment Management Co. LLC grew its stake in shares of Ceragon Networks by 36.9% during the third quarter. Essex Investment Management Co. LLC now owns 1,418,197 shares of the communications equipment provider's stock valued at $3,304,000 after buying an additional 382,058 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.

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