Ceragon Networks Ltd (NASDAQ:CRNT) traded down 6.2% on Monday . The stock traded as low as $2.73 and last traded at $2.74. 739,795 shares changed hands during mid-day trading, an increase of 36% from the average session volume of 542,571 shares. The stock had previously closed at $2.92.
Several equities research analysts recently weighed in on the company. Zacks Investment Research raised Ceragon Networks from a “sell” rating to a “hold” rating in a report on Tuesday, September 11th. BidaskClub lowered Ceragon Networks from a “hold” rating to a “sell” rating in a report on Thursday, August 23rd. Oppenheimer reaffirmed a “hold” rating on shares of Ceragon Networks in a report on Tuesday, August 7th. Needham & Company LLC lifted their target price on Ceragon Networks from $3.60 to $4.40 and gave the company a “buy” rating in a report on Monday, June 25th. Finally, TheStreet raised Ceragon Networks from a “c+” rating to a “b-” rating in a report on Friday, June 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $3.30.
The firm has a market cap of $227.39 million, a price-to-earnings ratio of 15.22, a PEG ratio of 1.39 and a beta of 0.68.
Ceragon Networks (NASDAQ:CRNT) last posted its earnings results on Monday, August 6th. The communications equipment provider reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.01. The business had revenue of $88.33 million during the quarter, compared to analyst estimates of $86.61 million. Ceragon Networks had a return on equity of 10.61% and a net margin of 4.79%. sell-side analysts predict that Ceragon Networks Ltd will post 0.14 EPS for the current year.
Hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP purchased a new position in Ceragon Networks during the 1st quarter valued at about $211,000. Barclays PLC bought a new stake in shares of Ceragon Networks during the 1st quarter valued at about $233,000. Deutsche Bank AG bought a new stake in shares of Ceragon Networks during the 4th quarter valued at about $275,000. Claraphi Advisory Network LLC bought a new stake in shares of Ceragon Networks during the 1st quarter valued at about $129,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Ceragon Networks by 38.6% during the 1st quarter. JPMorgan Chase & Co. now owns 171,996 shares of the communications equipment provider’s stock valued at $463,000 after acquiring an additional 47,910 shares during the last quarter. 22.50% of the stock is owned by institutional investors and hedge funds.
About Ceragon Networks (NASDAQ:CRNT)
Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services worldwide. Its wireless backhaul solutions use microwave radio technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.
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