Ceragon Networks (NASDAQ:CRNT) Shares Break Above Fifty Day Moving Average – Here’s What Happened

Shares of Ceragon Networks Ltd. (NASDAQ:CRNT) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $2.08 and traded as high as $2.12. Ceragon Networks shares last traded at $2.10, with a volume of 472,407 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRNT. Wall Street Zen downgraded Ceragon Networks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Zacks Research upgraded Ceragon Networks from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 27th. Weiss Ratings downgraded Ceragon Networks from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, August 19th. Finally, Needham & Company LLC restated a “buy” rating and issued a $3.00 price objective on shares of Ceragon Networks in a research report on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.75.

Ceragon Networks Stock Performance

The company has a 50 day moving average of $2.08 and a two-hundred day moving average of $2.32. The stock has a market cap of $199.05 million, a PE ratio of -73.00 and a beta of 1.33.

Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings results on Tuesday, August 11th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter. The company had revenue of $93.91 million for the quarter, compared to the consensus estimate of $86.45 million. Ceragon Networks had a positive return on equity of 2.74% and a negative net margin of 0.95%. As a group, equities research analysts anticipate that Ceragon Networks Ltd. will post 0.10 EPS for the current year.

Hedge Funds Weigh In On Ceragon Networks

A number of large investors have recently added to or reduced their stakes in the stock. Seven Mile Advisory purchased a new position in Ceragon Networks in the 3rd quarter valued at about $90,000. Spark Investment Management LLC acquired a new position in shares of Ceragon Networks during the second quarter valued at approximately $27,000. AXQ Capital LP raised its holdings in shares of Ceragon Networks by 66.3% during the second quarter. AXQ Capital LP now owns 48,663 shares of the communications equipment provider’s stock valued at $126,000 after acquiring an additional 19,404 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Ceragon Networks by 13.7% during the first quarter. Renaissance Technologies LLC now owns 214,500 shares of the communications equipment provider’s stock valued at $463,000 after acquiring an additional 25,800 shares during the last quarter. Finally, Aristides Capital LLC lifted its position in shares of Ceragon Networks by 15.5% in the first quarter. Aristides Capital LLC now owns 162,963 shares of the communications equipment provider’s stock valued at $352,000 after acquiring an additional 21,833 shares in the last quarter. 13.31% of the stock is currently owned by institutional investors and hedge funds.

About Ceragon Networks

Ceragon Networks Ltd. (NASDAQ: CRNT) is a telecommunications equipment and solutions provider headquartered in Israel. The company develops wireless transport systems that help communications service providers connect mobile networks, broadband infrastructure and other distributed sites without relying solely on fiber-optic connections.

Its product portfolio includes microwave and millimeter-wave radio systems, packet microwave solutions, antennas, network management software and related services.