Ceragon Networks Shares Down 7.1% on Disappointing Earnings (CRNT)
Ceragon Networks (NASDAQ:CRNT)’s share price traded down 7.1% on Tuesday following a weaker than expected earnings announcement, American Banking & Market News reports. The company traded as low as $2.07 and last traded at $2.10, with a volume of 201,835 shares traded. The stock had previously closed at $2.26.
The company reported ($0.10) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.06) by $0.04. The company had revenue of $90.10 million for the quarter, compared to the consensus estimate of $89.33 million. During the same quarter in the prior year, the company posted ($0.15) earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis.
A number of research firms have recently commented on CRNT. Analysts at Zacks downgraded shares of Ceragon Networks from a “neutral” rating to an “underperform” rating in a research note on Monday, May 12th. They now have a $2.20 price target on the stock. Separately, analysts at Jefferies Group cut their price target on shares of Ceragon Networks from $3.40 to $2.70 in a research note on Friday, May 9th. Finally, analysts at Canaccord Genuity reiterated a “hold” rating on shares of Ceragon Networks in a research note on Friday, May 9th. They now have a $2.50 price target on the stock, down previously from $3.00.
The stock’s 50-day moving average is $2.51 and its 200-day moving average is $2.80. The company’s market cap is $111.2 million.
Ceragon Networks Ltd (NASDAQ:CRNT) is a provider of wireless backhaul solutions, which enables cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, music and video applications.
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