Ceragon Networks (NASDAQ:CRNT) Share Price Breaks Above Fifty Day Moving Average - Here's Why

Key Points

• Ceragon Networks shares rose 5%, trading above their 50-day moving average of $2.08 and reaching $2.12 before closing at $2.10 on volume of 472,407 shares.
• Analyst sentiment is mixed but leans positive: four analysts rate the stock a Buy, one rates it Hold and one rates it Sell. The consensus rating is Moderate Buy, with a $3.75 target price.
• In its latest quarter, Ceragon reported $0.02 in EPS and $93.91 million in revenue, exceeding the $86.45 million consensus estimate; institutional investors own 13.31% of the stock.

Ceragon Networks Ltd. (NASDAQ:CRNT - Get Free Report) passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $2.08 and traded as high as $2.12. Ceragon Networks shares last traded at $2.10, with a volume of 472,407 shares.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen cut Ceragon Networks from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 15th. Zacks Research raised Ceragon Networks from a "strong sell" rating to a "hold" rating in a report on Thursday, August 27th. Weiss Ratings cut shares of Ceragon Networks from a "sell (d+)" rating to a "sell (d)" rating in a research report on Wednesday, August 19th. Finally, Needham & Company LLC restated a "buy" rating and issued a $3.00 price objective on shares of Ceragon Networks in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $3.75.

Ceragon Networks Stock Up 5.0%

The firm's 50-day moving average is $2.08 and its 200-day moving average is $2.32. The company has a market capitalization of $190.87 million, a PE ratio of -70.00 and a beta of 1.33.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The communications equipment provider reported $0.02 earnings per share for the quarter. Ceragon Networks had a positive return on equity of 2.74% and a negative net margin of 0.95%. The business had revenue of $93.91 million for the quarter, compared to the consensus estimate of $86.45 million. As a group, equities research analysts predict that Ceragon Networks Ltd. will post 0.10 EPS for the current year.

Hedge Funds Weigh In On Ceragon Networks

Several institutional investors have recently modified their holdings of the company. Spark Investment Management LLC bought a new stake in Ceragon Networks in the 2nd quarter worth approximately $27,000. Seven Mile Advisory bought a new stake in Ceragon Networks in the 3rd quarter worth $90,000. AXQ Capital LP raised its stake in shares of Ceragon Networks by 66.3% during the second quarter. AXQ Capital LP now owns 48,663 shares of the communications equipment provider's stock valued at $126,000 after acquiring an additional 19,404 shares during the last quarter. R Squared Ltd raised its stake in shares of Ceragon Networks by 71.3% during the first quarter. R Squared Ltd now owns 55,838 shares of the communications equipment provider's stock valued at $121,000 after acquiring an additional 23,234 shares during the last quarter. Finally, Aristides Capital LLC boosted its holdings in shares of Ceragon Networks by 15.5% during the first quarter. Aristides Capital LLC now owns 162,963 shares of the communications equipment provider's stock worth $352,000 after purchasing an additional 21,833 shares during the period. 13.31% of the stock is currently owned by institutional investors.

About Ceragon Networks

Ceragon Networks Ltd. NASDAQ: CRNT is a telecommunications equipment and solutions provider headquartered in Israel. The company develops wireless transport systems that help communications service providers connect mobile networks, broadband infrastructure and other distributed sites without relying solely on fiber-optic connections.

Its product portfolio includes microwave and millimeter-wave radio systems, packet microwave solutions, antennas, network management software and related services.

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