Ceragon Networks (NASDAQ:CRNT) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Ceragon Networks Ltd. (NASDAQ:CRNT)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.34 and traded as high as $3.05. Ceragon Networks shares last traded at $2.99, with a volume of 615,259 shares traded.

Wall Street Analyst Weigh In

CRNT has been the subject of a number of research reports. Wall Street Zen upgraded Ceragon Networks from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 23rd. Needham & Company LLC restated a “buy” rating and issued a $3.00 target price on shares of Ceragon Networks in a research note on Wednesday, May 20th. Craig Hallum restated a “buy” rating and issued a $4.00 target price on shares of Ceragon Networks in a research note on Wednesday, May 20th. Lake Street Capital initiated coverage on Ceragon Networks in a research note on Tuesday, March 31st. They issued a “buy” rating and a $3.50 target price for the company. Finally, Zacks Research upgraded Ceragon Networks from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $3.75.

Ceragon Networks Stock Up 2.4%

The stock’s 50-day moving average is $2.62 and its 200-day moving average is $2.34. The firm has a market cap of $271.76 million, a P/E ratio of -149.50 and a beta of 1.35.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Wednesday, April 15th. The communications equipment provider reported $0.01 earnings per share for the quarter. The company had revenue of $85.00 million for the quarter. Ceragon Networks had a positive return on equity of 2.27% and a negative net margin of 0.73%. As a group, analysts expect that Ceragon Networks Ltd. will post 0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRNT. CSM Advisors LLC bought a new position in Ceragon Networks in the 3rd quarter valued at about $4,819,000. Private Advisor Group LLC bought a new position in Ceragon Networks in the 3rd quarter valued at about $2,247,000. First Wilshire Securities Management Inc. increased its holdings in Ceragon Networks by 18.0% in the 1st quarter. First Wilshire Securities Management Inc. now owns 4,854,150 shares of the communications equipment provider’s stock valued at $10,485,000 after buying an additional 740,358 shares during the period. Squarepoint Ops LLC increased its holdings in Ceragon Networks by 642.7% in the 2nd quarter. Squarepoint Ops LLC now owns 552,939 shares of the communications equipment provider’s stock valued at $1,360,000 after buying an additional 478,489 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in Ceragon Networks in the 1st quarter valued at about $911,000. 13.31% of the stock is currently owned by institutional investors.

About Ceragon Networks

Ceragon Networks Ltd. is a global provider of wireless backhaul solutions, specializing in high-capacity, low-latency connectivity for mobile operators and private networks. The company designs and manufactures a portfolio of microwave and millimeter-wave equipment that serves as a fiber alternative for carrying voice, data and video traffic between cell sites and core networks. Ceragon’s solutions are engineered to support the rigorous performance requirements of modern 4G and 5G deployments, with an emphasis on scalability, reliability and efficient spectrum utilization.

The company’s product lineup includes point-to-point and multi-point radio platforms, as well as software-driven network management tools that enable operators to plan, deploy and monitor end-to-end transport networks.