Ceragon Networks (NASDAQ:CRNT) Lifted to “Buy” at StockNews.com

Posted by on Apr 26th, 2023

Ceragon Networks (NASDAQ:CRNT – Get Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

Separately, Needham & Company LLC reiterated a “buy” rating and set a $5.25 price objective on shares of Ceragon Networks in a research note on Thursday, February 9th.

Ceragon Networks Stock Down 2.2 %

Ceragon Networks stock opened at $1.77 on Wednesday. The company’s 50-day moving average price is $1.74 and its 200-day moving average price is $1.87. Ceragon Networks has a twelve month low of $1.53 and a twelve month high of $2.87. The company has a market cap of $149.16 million, a PE ratio of -19.67 and a beta of 1.38.

Ceragon Networks (NASDAQ:CRNT – Get Rating) last released its quarterly earnings results on Wednesday, February 8th. The communications equipment provider reported ($0.01) EPS for the quarter. Ceragon Networks had a negative return on equity of 3.00% and a negative net margin of 2.51%. The firm had revenue of $75.53 million for the quarter.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CRNT. Renaissance Technologies LLC lifted its stake in Ceragon Networks by 20.2% in the first quarter. Renaissance Technologies LLC now owns 654,135 shares of the communications equipment provider’s stock worth $1,393,000 after acquiring an additional 110,093 shares during the last quarter. Invesco Ltd. grew its stake in shares of Ceragon Networks by 171.1% during the 1st quarter. Invesco Ltd. now owns 214,051 shares of the communications equipment provider’s stock worth $456,000 after purchasing an additional 135,085 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Ceragon Networks by 772.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 543,037 shares of the communications equipment provider’s stock worth $1,157,000 after buying an additional 480,796 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Ceragon Networks in the 1st quarter worth about $25,000. Finally, JPMorgan Chase & Co. lifted its holdings in Ceragon Networks by 72.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 164,057 shares of the communications equipment provider’s stock valued at $422,000 after purchasing an additional 69,051 shares in the last quarter. Hedge funds and other institutional investors own 28.86% of the company’s stock.

About Ceragon Networks

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Ceragon Networks Ltd. is engaged in the provision of wireless backhaul and fronthaul solutions. Its products include IP-50, IP-20, IP-20 Assured, Pointlink Stabilized Platforms, and Network & Service Management. The company was founded on July 23, 1996 and is headquartered in Tel Aviv, Israel.

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