Ceragon Networks (CRNT) Stock Price Up 6.5%

Ceragon Networks Ltd (NASDAQ:CRNT)’s share price rose 6.5% during trading on Thursday . The stock traded as high as $2.88 and last traded at $2.80. Approximately 1,029,746 shares traded hands during mid-day trading, an increase of 56% from the average daily volume of 658,498 shares. The stock had previously closed at $2.63.

CRNT has been the topic of several recent analyst reports. ValuEngine raised shares of Ceragon Networks from a “hold” rating to a “buy” rating in a report on Tuesday, December 5th. Zacks Investment Research raised shares of Ceragon Networks from a “sell” rating to a “hold” rating in a report on Monday, January 8th. Finally, Oppenheimer reissued a “hold” rating on shares of Ceragon Networks in a report on Monday, February 12th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Ceragon Networks has an average rating of “Hold” and a consensus target price of $2.50.

The company has a market cap of $223.29, a price-to-earnings ratio of 14.00 and a beta of 1.00.

Ceragon Networks (NASDAQ:CRNT) last released its earnings results on Monday, February 12th. The communications equipment provider reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. Ceragon Networks had a net margin of 4.69% and a return on equity of 11.57%. The firm had revenue of $86.70 million for the quarter, compared to analyst estimates of $75.21 million. During the same period last year, the firm earned $0.07 EPS. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. research analysts predict that Ceragon Networks Ltd will post 0.2 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its stake in shares of Ceragon Networks by 10.3% in the 4th quarter. Renaissance Technologies LLC now owns 2,758,880 shares of the communications equipment provider’s stock valued at $5,463,000 after purchasing an additional 257,180 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Ceragon Networks by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,177,300 shares of the communications equipment provider’s stock valued at $3,002,000 after purchasing an additional 55,702 shares in the last quarter. Algert Global LLC boosted its stake in shares of Ceragon Networks by 44.8% in the 3rd quarter. Algert Global LLC now owns 747,633 shares of the communications equipment provider’s stock valued at $1,555,000 after purchasing an additional 231,314 shares in the last quarter. First Wilshire Securities Management Inc. acquired a new stake in shares of Ceragon Networks in the 4th quarter valued at approximately $1,319,000. Finally, Systematic Financial Management LP boosted its stake in shares of Ceragon Networks by 9.5% in the 3rd quarter. Systematic Financial Management LP now owns 489,620 shares of the communications equipment provider’s stock valued at $1,018,000 after purchasing an additional 42,275 shares in the last quarter. Institutional investors own 13.44% of the company’s stock.

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About Ceragon Networks

Ceragon Networks Ltd. offers wireless backhaul solutions. The Company’s products include FibeAir IP-20 Platform, FibeAir IP-20 Assured Platform and Network Management. The Company provides its services to wireless service providers, public safety organizations, government agencies and utility companies, among others.

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