Ceragon Networks Receives “Hold” Rating from Canaccord Genuity (CRNT)
Ceragon Networks (NASDAQ:CRNT)‘s stock had its “hold” rating restated by investment analysts at Canaccord Genuity in a note issued to investors on Friday, Analyst RN reports. They currently have a $2.50 target price on the stock, down from their previous target price of $3.00. Canaccord Genuity’s price objective would suggest a potential upside of 8.23% from the company’s current price.
Ceragon Networks (NASDAQ:CRNT) opened at 2.31 on Friday. Ceragon Networks has a one year low of $2.13 and a one year high of $4.38. The stock has a 50-day moving average of $2.79 and a 200-day moving average of $3.01. The company’s market cap is $121.2 million.
Ceragon Networks (NASDAQ:CRNT) last announced its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by $0.09. The company had revenue of $70.50 million for the quarter, compared to the consensus estimate of $71.80 million. During the same quarter in the previous year, the company posted ($0.16) earnings per share. The company’s revenue for the quarter was down 21.8% on a year-over-year basis. On average, analysts predict that Ceragon Networks will post $-0.08 earnings per share for the current fiscal year.
Separately, analysts at Jefferies Group cut their price target on shares of Ceragon Networks from $3.50 to $3.40 in a research note on Thursday, April 3rd. Three analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $4.26.
Ceragon Networks Ltd. is a provider of wireless backhaul solutions, which enables cellular operators and other wireless service providers to deliver voice and data services, such as Internet browsing, music and video applications.
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