Ceragon Networks (NASDAQ:CRNT) Shares Pass Above 200 Day Moving Average of $2.30

Ceragon Networks Ltd. (NASDAQ:CRNT)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.30 and traded as high as $3.20. Ceragon Networks shares last traded at $3.19, with a volume of 399,895 shares changing hands.

Analyst Ratings Changes

Several analysts have issued reports on CRNT shares. Needham & Company LLC restated a “buy” rating and issued a $5.25 target price on shares of Ceragon Networks in a research note on Wednesday, February 21st. StockNews.com cut Ceragon Networks from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 2nd.

Ceragon Networks Trading Up 2.6 %

The firm has a 50 day simple moving average of $2.89 and a 200 day simple moving average of $2.30. The firm has a market capitalization of $272.49 million, a PE ratio of 45.58 and a beta of 1.48.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Tuesday, February 20th. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. Ceragon Networks had a return on equity of 9.95% and a net margin of 1.79%. The firm had revenue of $90.36 million for the quarter. During the same quarter last year, the business earned ($0.01) earnings per share. Research analysts forecast that Ceragon Networks Ltd. will post 0.18 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Susquehanna International Group LLP purchased a new position in shares of Ceragon Networks during the first quarter valued at approximately $25,000. Verition Fund Management LLC purchased a new position in shares of Ceragon Networks during the fourth quarter valued at approximately $25,000. Jane Street Group LLC purchased a new position in shares of Ceragon Networks during the first quarter valued at approximately $25,000. Tower Research Capital LLC TRC boosted its position in shares of Ceragon Networks by 8,127.0% during the third quarter. Tower Research Capital LLC TRC now owns 16,454 shares of the communications equipment provider’s stock valued at $30,000 after buying an additional 16,254 shares during the period. Finally, ExodusPoint Capital Management LP purchased a new position in shares of Ceragon Networks during the fourth quarter valued at approximately $37,000. Hedge funds and other institutional investors own 13.31% of the company’s stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd. provides wireless transport solutions for cellular operators and other wireless service providers. Its solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and service provider's network.