Ceragon Networks (NASDAQ:CRNT) Upgraded to Strong-Buy by StockNews.com

Posted by on Jun 20th, 2023

Ceragon Networks (NASDAQ:CRNT – Get Rating) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Tuesday.

Ceragon Networks Trading Down 0.5 %

CRNT opened at $2.02 on Tuesday. The firm has a market cap of $170.23 million, a price-to-earnings ratio of -50.50 and a beta of 1.36. Ceragon Networks has a 12 month low of $1.55 and a 12 month high of $2.87. The stock has a fifty day moving average price of $1.84 and a 200-day moving average price of $1.88.

Ceragon Networks (NASDAQ:CRNT – Get Rating) last released its quarterly earnings results on Monday, May 1st. The communications equipment provider reported $0.03 EPS for the quarter. Ceragon Networks had a positive return on equity of 0.84% and a negative net margin of 1.02%. The firm had revenue of $83.41 million during the quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRNT. Renaissance Technologies LLC grew its stake in Ceragon Networks by 20.2% during the 1st quarter. Renaissance Technologies LLC now owns 654,135 shares of the communications equipment provider’s stock worth $1,393,000 after buying an additional 110,093 shares during the last quarter. Invesco Ltd. grew its stake in Ceragon Networks by 171.1% during the 1st quarter. Invesco Ltd. now owns 214,051 shares of the communications equipment provider’s stock valued at $456,000 after purchasing an additional 135,085 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Ceragon Networks by 772.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 543,037 shares of the communications equipment provider’s stock valued at $1,157,000 after purchasing an additional 480,796 shares during the last quarter. Jane Street Group LLC purchased a new stake in Ceragon Networks during the 1st quarter valued at about $25,000. Finally, JPMorgan Chase & Co. grew its stake in Ceragon Networks by 72.7% during 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 during the last quarter. 13.53% of the stock is currently owned by hedge funds and other institutional investors.

Ceragon Networks Company Profile

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Ceragon Networks Ltd. engages 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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