Ceragon Networks (NASDAQ:CRNT) Downgraded to Strong Sell Rating by Zacks Research

Ceragon Networks (NASDAQ:CRNT) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

CRNT has been the subject of a number of other research reports. Needham & Company LLC reissued a “buy” rating and issued a $3.00 price target on shares of Ceragon Networks in a research note on Wednesday, November 12th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ceragon Networks in a report on Monday, December 29th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.00.

Ceragon Networks Stock Performance

NASDAQ:CRNT opened at $2.31 on Tuesday. Ceragon Networks has a 52-week low of $1.82 and a 52-week high of $5.52. The stock has a fifty day moving average of $2.10 and a 200 day moving average of $2.21. The firm has a market capitalization of $205.43 million, a price-to-earnings ratio of 115.56 and a beta of 1.07.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Wednesday, November 12th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). Ceragon Networks had a net margin of 0.38% and a return on equity of 6.67%. The business had revenue of $85.48 million during the quarter, compared to analysts’ expectations of $83.48 million. Equities analysts forecast that Ceragon Networks will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ceragon Networks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its holdings in Ceragon Networks by 132.2% in the 1st quarter. NewEdge Advisors LLC now owns 106,255 shares of the communications equipment provider’s stock worth $250,000 after acquiring an additional 60,498 shares during the last quarter. Axis Wealth Partners LLC purchased a new stake in shares of Ceragon Networks during the second quarter worth about $26,000. Almanack Investment Partners LLC. bought a new stake in shares of Ceragon Networks in the second quarter worth about $100,000. R Squared Ltd bought a new stake in shares of Ceragon Networks in the second quarter worth about $97,000. Finally, Bank of Montreal Can purchased a new position in Ceragon Networks during the 2nd quarter valued at about $35,000. 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.