Ceragon Networks (NASDAQ:CRNT) Shares Pass Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Ceragon Networks shares exceeded their two hundred day moving average, reaching a high of $2.48 before closing at $2.44, indicating positive trading momentum.
• Five analysts rated Ceragon Networks as a Buy, showing strong support, while the consensus target price is set at $5.30, indicating potential for future growth.
• Institutional investors have increased their stakes in Ceragon Networks, with significant new positions and holding increases during the first quarter of this year.

Shares of Ceragon Networks Ltd. (NASDAQ:CRNT - Get Free Report) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $2.26 and traded as high as $2.48. Ceragon Networks shares last traded at $2.44, with a volume of 406,897 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Roth Capital lowered their price objective on Ceragon Networks from $5.00 to $4.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Weiss Ratings reiterated a "sell (d)" rating on shares of Ceragon Networks in a research report on Wednesday, October 8th. Needham & Company LLC reiterated a "buy" rating and issued a $3.00 price objective on shares of Ceragon Networks in a research report on Thursday, September 18th. Finally, Zacks Research upgraded Ceragon Networks from a "strong sell" rating to a "hold" rating in a report on Monday, October 6th. Five investment 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 data from MarketBeat, Ceragon Networks currently has a consensus rating of "Moderate Buy" and a consensus target price of $5.30.

Ceragon Networks Stock Up 2.1%

The stock has a market cap of $216.99 million, a P/E ratio of 15.25 and a beta of 1.15. The stock has a fifty day simple moving average of $2.20 and a 200-day simple moving average of $2.26.

Hedge Funds Weigh In On Ceragon Networks

Several institutional investors have recently modified their holdings of CRNT. Independent Advisor Alliance bought a new position in shares of Ceragon Networks during the 1st quarter valued at about $216,000. Russell Investments Group Ltd. lifted its holdings in shares of Ceragon Networks by 25.7% during the 1st quarter. Russell Investments Group Ltd. now owns 141,589 shares of the communications equipment provider's stock valued at $333,000 after purchasing an additional 28,920 shares in the last quarter. KLCM Advisors Inc. bought a new position in shares of Ceragon Networks during the 1st quarter valued at about $1,871,000. Quantbot Technologies LP bought a new position in shares of Ceragon Networks during the 1st quarter valued at about $90,000. Finally, First Wilshire Securities Management Inc. lifted its holdings in shares of Ceragon Networks by 11.4% during the 1st quarter. First Wilshire Securities Management Inc. now owns 3,282,992 shares of the communications equipment provider's stock valued at $7,715,000 after purchasing an additional 336,646 shares in the last quarter. Institutional investors own 13.31% of the company's stock.

About Ceragon Networks

Ceragon Networks Ltd., together with its subsidiaries, provides wireless transport solutions for cellular operators and other wireless service providers in North America, Europe, Africa, the Asia Pacific, the Middle East, India, and Latin America. The company's solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the service provider's network.

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