Ceragon Networks (NASDAQ:CRNT) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Ceragon Networks Ltd. (NASDAQ:CRNT)’s share price crossed 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 changing hands.

Wall Street Analyst Weigh In

Several research firms have recently commented on CRNT. Weiss Ratings raised shares of Ceragon Networks from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, May 26th. Roth Mkm reiterated a “buy” rating and set a $4.50 price target on shares of Ceragon Networks in a research report on Tuesday, May 19th. Zacks Research raised shares of Ceragon Networks from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. Craig Hallum restated a “buy” rating and issued a $4.00 price objective on shares of Ceragon Networks in a report on Wednesday, May 20th. Finally, Wall Street Zen raised Ceragon Networks from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 23rd. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $3.75.

Ceragon Networks Stock Performance

The company has a market cap of $271.76 million, a P/E ratio of -149.50 and a beta of 1.35. The stock has a 50-day moving average of $2.62 and a two-hundred day moving average of $2.34.

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

Hedge Funds Weigh In On Ceragon Networks

A number of hedge funds have recently bought and sold shares of the company. CSM Advisors LLC bought a new stake in Ceragon Networks during the 3rd quarter valued at about $4,819,000. Private Advisor Group LLC bought a new position in shares of Ceragon Networks in the third quarter worth approximately $2,247,000. First Wilshire Securities Management Inc. grew its holdings in shares of Ceragon Networks by 18.0% during the first 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 last quarter. Squarepoint Ops LLC grew its holdings in shares of Ceragon Networks by 642.7% during the second 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 last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of Ceragon Networks during the first quarter valued at approximately $911,000. Institutional investors own 13.31% of the company’s stock.

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.