BidaskClub Downgrades Ceragon Networks (NASDAQ:CRNT) to Sell

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BidaskClub lowered shares of Ceragon Networks (NASDAQ:CRNT) from a hold rating to a sell rating in a research report sent to investors on Thursday, August 23rd.

Several other equities research analysts also recently commented on the company. Needham & Company LLC upgraded Ceragon Networks from a hold rating to a buy rating in a report on Tuesday, May 8th. ValuEngine cut Ceragon Networks from a buy rating to a hold rating in a research report on Saturday, June 2nd. Oppenheimer reaffirmed a hold rating on shares of Ceragon Networks in a research report on Tuesday, August 7th. Zacks Investment Research cut Ceragon Networks from a hold rating to a sell rating in a research report on Thursday, May 10th. Finally, TheStreet raised Ceragon Networks from a c+ rating to a b- rating in a research report on Friday, June 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $3.30.

CRNT stock traded down $0.02 during mid-day trading on Thursday, reaching $2.92. The company’s stock had a trading volume of 158,718 shares, compared to its average volume of 242,856. The company has a market cap of $227.39 million, a P/E ratio of 16.17, a PEG ratio of 1.39 and a beta of 0.68. Ceragon Networks has a 12 month low of $1.64 and a 12 month high of $4.15.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Monday, August 6th. The communications equipment provider reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.01. The firm had revenue of $88.33 million during the quarter, compared to the consensus estimate of $86.61 million. Ceragon Networks had a return on equity of 10.61% and a net margin of 4.79%. research analysts predict that Ceragon Networks will post 0.14 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of CRNT. Millennium Management LLC lifted its position in shares of Ceragon Networks by 3,318.8% during the 1st quarter. Millennium Management LLC now owns 992,076 shares of the communications equipment provider’s stock valued at $2,669,000 after buying an additional 963,058 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Ceragon Networks by 40.5% during the 2nd quarter. Acadian Asset Management LLC now owns 3,061,120 shares of the communications equipment provider’s stock valued at $10,930,000 after buying an additional 882,437 shares during the last quarter. Putnam Investments LLC purchased a new position in shares of Ceragon Networks during the 2nd quarter valued at $1,424,000. Renaissance Technologies LLC raised its stake in shares of Ceragon Networks by 13.8% during the 2nd quarter. Renaissance Technologies LLC now owns 2,696,700 shares of the communications equipment provider’s stock valued at $9,627,000 after purchasing an additional 327,900 shares during the period. Finally, Algert Global LLC raised its stake in shares of Ceragon Networks by 32.0% during the 1st quarter. Algert Global LLC now owns 801,992 shares of the communications equipment provider’s stock valued at $2,157,000 after purchasing an additional 194,329 shares during the period. 22.50% of the stock is currently owned by hedge funds and other institutional investors.

Ceragon Networks Company Profile

Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services worldwide. Its wireless backhaul solutions use microwave radio technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.

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