Ceragon Networks Ltd. (CRNT) Trading Down 4%
Ceragon Networks Ltd. (NASDAQ:CRNT)’s share price was down 4% during mid-day trading on Wednesday . The company traded as low as $2.63 and last traded at $2.64, with a volume of 279,814 shares traded. The stock had previously closed at $2.75.
A number of equities analysts recently issued reports on CRNT shares. Needham & Company LLC upped their price target on shares of Ceragon Networks from $2.00 to $2.50 and gave the stock a “buy” rating in a research note on Monday, July 18th. Zacks Investment Research cut shares of Ceragon Networks from a “buy” rating to a “hold” rating in a research note on Tuesday, July 26th. TheStreet upgraded shares of Ceragon Networks from a “sell” rating to a “hold” rating in a research note on Monday, August 8th. Finally, Jefferies Group upped their target price on shares of Ceragon Networks from $1.50 to $2.00 and gave the company a “hold” rating in a research note on Tuesday, August 9th.
The stock’s 50-day moving average is $2.40 and its 200-day moving average is $1.75. The company has a market cap of $211.27 million, a price-to-earnings ratio of 36.27 and a beta of 1.13.
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Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings results on Monday, August 8th. The company reported $0.02 EPS for the quarter. The firm had revenue of $70 million for the quarter, compared to analyst estimates of $67.59 million. Ceragon Networks had a return on equity of 5.78% and a net margin of 2.46%. The business’s revenue for the quarter was down 26.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 earnings per share. On average, equities analysts forecast that Ceragon Networks Ltd. will post $0.13 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the stock. KCG Holdings Inc. raised its position in Ceragon Networks by 165.3% in the second quarter. KCG Holdings Inc. now owns 66,716 shares of the company’s stock valued at $108,000 after buying an additional 41,568 shares during the period. Spark Investment Management LLC raised its position in Ceragon Networks by 24.3% in the first quarter. Spark Investment Management LLC now owns 146,700 shares of the company’s stock valued at $186,000 after buying an additional 28,700 shares during the period. Bridgeway Capital Management Inc. raised its position in Ceragon Networks by 67.4% in the second quarter. Bridgeway Capital Management Inc. now owns 283,900 shares of the company’s stock valued at $460,000 after buying an additional 114,300 shares during the period. Acadian Asset Management LLC bought a new position in Ceragon Networks during the second quarter valued at about $857,000. Finally, Vanguard Group Inc. raised its position in Ceragon Networks by 30.5% in the second quarter. Vanguard Group Inc. now owns 747,764 shares of the company’s stock valued at $1,211,000 after buying an additional 174,766 shares during the period. Institutional investors own 10.81% of the company’s stock.
Ceragon Networks Company Profile
Ceragon Networks Ltd. is a provider of wireless backhaul solutions. The Company’s solutions enable cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, social networking applications, image sharing, music and video applications.
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