Ceragon Networks (NASDAQ:CRNT) Cut to Strong Sell at Zacks Research

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

Other research analysts have also recently issued reports about the company. Roth Capital reaffirmed a “buy” rating and issued a $4.50 target price on shares of Ceragon Networks in a research report on Tuesday, May 19th. Craig Hallum reissued a “buy” rating and issued a $4.00 price target on shares of Ceragon Networks in a report on Wednesday, May 20th. Weiss Ratings upgraded shares of Ceragon Networks from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, May 26th. Wall Street Zen raised shares of Ceragon Networks from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $3.00 target price on shares of Ceragon Networks in a research report on Wednesday, May 20th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $3.75.

Ceragon Networks Price Performance

Ceragon Networks stock opened at $2.17 on Thursday. The business has a 50 day moving average price of $2.63 and a two-hundred day moving average price of $2.42. The stock has a market cap of $197.23 million, a price-to-earnings ratio of -108.50 and a beta of 1.36. Ceragon Networks has a 12 month low of $1.82 and a 12 month high of $3.29.

Ceragon Networks (NASDAQ:CRNT) last announced 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%. On average, analysts expect that Ceragon Networks will post 0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ceragon Networks

A number of large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets bought a new stake in shares of Ceragon Networks during the second quarter valued at approximately $26,000. Walleye Capital LLC bought a new position in Ceragon Networks in the 4th quarter worth approximately $27,000. Tamar Securities LLC raised its position in Ceragon Networks by 67.3% in the 4th quarter. Tamar Securities LLC now owns 17,016 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 6,848 shares during the last quarter. HRT Financial LP lifted its holdings in Ceragon Networks by 44.3% during the 4th quarter. HRT Financial LP now owns 19,660 shares of the communications equipment provider’s stock worth $41,000 after buying an additional 6,039 shares in the last quarter. Finally, Verition Fund Management LLC bought a new position in Ceragon Networks in the 4th quarter valued at $64,000. 13.31% of the stock is currently owned by institutional investors and hedge funds.

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.