Ceragon Networks (CRNT) Stock Price Up 6.8% After Strong Earnings

Ceragon Networks Ltd (NASDAQ:CRNT) shares rose 6.8% during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $4.02 and last traded at $3.92. Approximately 92,288 shares were traded during trading, a decline of 80% from the average daily volume of 460,172 shares. The stock had previously closed at $3.67.

The communications equipment provider reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.03. The company had revenue of $86.53 million for the quarter, compared to analysts’ expectations of $82.59 million. Ceragon Networks had a net margin of 4.79% and a return on equity of 10.61%.

CRNT has been the topic of a number of research analyst reports. Citigroup raised shares of Ceragon Networks from a “market perform” rating to an “outperform” rating and set a $4.50 price objective on the stock in a research report on Friday, September 28th. UBS Group raised shares of Ceragon Networks from a “market perform” rating to an “outperform” rating in a research report on Friday, September 28th. Zacks Investment Research raised shares of Ceragon Networks from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. Oppenheimer raised shares of Ceragon Networks from a “market perform” rating to an “outperform” rating and set a $5.00 price objective on the stock in a research report on Friday, September 28th. Finally, BidaskClub cut shares of Ceragon Networks from a “hold” rating to a “sell” rating in a research report on Thursday, August 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $4.23.

Several hedge funds have recently added to or reduced their stakes in CRNT. Millennium Management LLC boosted its position in shares of Ceragon Networks by 3,318.8% during the 1st quarter. Millennium Management LLC now owns 992,076 shares of the communications equipment provider’s stock worth $2,669,000 after purchasing an additional 963,058 shares in the last quarter. Acadian Asset Management LLC lifted its position in Ceragon Networks by 40.5% in the 2nd quarter. Acadian Asset Management LLC now owns 3,061,120 shares of the communications equipment provider’s stock valued at $10,930,000 after acquiring an additional 882,437 shares in the last quarter. Putnam Investments LLC bought a new position in Ceragon Networks in the 2nd quarter valued at about $1,424,000. Renaissance Technologies LLC lifted its position in Ceragon Networks by 13.8% in the 2nd quarter. Renaissance Technologies LLC now owns 2,696,700 shares of the communications equipment provider’s stock valued at $9,627,000 after acquiring an additional 327,900 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in Ceragon Networks by 57.9% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 600,000 shares of the communications equipment provider’s stock valued at $2,022,000 after acquiring an additional 220,000 shares in the last quarter. 22.78% of the stock is currently owned by institutional investors.

The stock has a market cap of $270.36 million, a price-to-earnings ratio of 21.86, a PEG ratio of 1.28 and a beta of 0.73.

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Ceragon Networks Company Profile (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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