Ceragon Networks (CRNT) Sees Large Volume Increase
Ceragon Networks Ltd. (NASDAQ:CRNT) saw an uptick in trading volume on Tuesday . 2,653,600 shares traded hands during trading, an increase of 397% from the previous session’s volume of 534,063 shares.The stock last traded at $2.09 and had previously closed at $1.89.
Several equities analysts recently weighed in on the company. ValuEngine upgraded Ceragon Networks from a “hold” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research lowered Ceragon Networks from a “hold” rating to a “sell” rating in a research note on Wednesday, November 8th. Finally, Jefferies Group restated a “hold” rating and issued a $2.50 price target on shares of Ceragon Networks in a research note on Sunday, October 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $2.50.
The stock has a market cap of $174.36, a P/E ratio of 11.20 and a beta of 1.07.
Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings results on Monday, November 6th. The communications equipment provider reported $0.05 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.05. Ceragon Networks had a return on equity of 12.60% and a net margin of 5.06%. The firm had revenue of $75.99 million during the quarter, compared to analyst estimates of $78.22 million. During the same quarter in the previous year, the business earned $0.06 EPS. Ceragon Networks’s revenue for the quarter was down 4.0% compared to the same quarter last year. research analysts predict that Ceragon Networks Ltd. will post 0.18 EPS for the current year.
Institutional investors have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC increased its stake in shares of Ceragon Networks by 23.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 59,132 shares of the communications equipment provider’s stock valued at $151,000 after purchasing an additional 11,410 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in Ceragon Networks by 64.6% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 60,871 shares of the communications equipment provider’s stock worth $155,000 after buying an additional 23,880 shares during the last quarter. State Street Corp boosted its holdings in Ceragon Networks by 1.6% in the 2nd quarter. State Street Corp now owns 76,592 shares of the communications equipment provider’s stock worth $195,000 after buying an additional 1,205 shares during the last quarter. Spark Investment Management LLC acquired a new stake in Ceragon Networks in the 2nd quarter worth about $305,000. Finally, Renaissance Group LLC boosted its holdings in Ceragon Networks by 10.9% in the 2nd quarter. Renaissance Group LLC now owns 121,151 shares of the communications equipment provider’s stock worth $309,000 after buying an additional 11,940 shares during the last quarter. Hedge funds and other institutional investors own 16.11% of the company’s stock.
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About Ceragon Networks
Ceragon Networks Ltd. offers wireless backhaul solutions. The Company’s products include FibeAir IP-20 Platform, FibeAir IP-20 Assured Platform and Network Management. The Company provides its services to wireless service providers, public safety organizations, government agencies and utility companies, among others.
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