Zacks Research Downgrades Ceragon Networks (NASDAQ:CRNT) to Strong Sell

Ceragon Networks (NASDAQ:CRNT) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Ceragon Networks from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 23rd. Craig Hallum restated a “buy” rating and issued a $4.00 price objective on shares of Ceragon Networks in a research report on Wednesday, May 20th. Lake Street Capital started coverage on Ceragon Networks in a research note on Tuesday, March 31st. They set a “buy” rating and a $3.50 price objective on the stock. Roth Capital reiterated a “buy” rating and set a $4.50 target price on shares of Ceragon Networks in a report on Tuesday, May 19th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $3.00 target price on shares of Ceragon Networks in a research note on Wednesday, May 20th. Four research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Ceragon Networks presently has an average rating of “Hold” and an average price target of $3.75.

Ceragon Networks Stock Performance

Shares of CRNT opened at $2.17 on Thursday. The stock has a market cap of $197.23 million, a P/E ratio of -108.50 and a beta of 1.36. Ceragon Networks has a 1 year low of $1.82 and a 1 year high of $3.29. The stock’s 50-day moving average price is $2.63 and its two-hundred day moving average price is $2.42.

Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings results on Wednesday, April 15th. The communications equipment provider reported $0.01 EPS for the quarter. The company had revenue of $85.00 million during the quarter. Ceragon Networks had a positive return on equity of 2.27% and a negative net margin of 0.73%. As a group, equities analysts forecast that Ceragon Networks will post 0.12 EPS for the current year.

Institutional Investors Weigh In On Ceragon Networks

Several large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets acquired a new stake in shares of Ceragon Networks during the second quarter worth $26,000. Walleye Capital LLC acquired a new position in Ceragon Networks in the 4th quarter worth $27,000. Tamar Securities LLC increased its holdings in Ceragon Networks by 67.3% during the 4th quarter. Tamar Securities LLC now owns 17,016 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 6,848 shares in the last quarter. HRT Financial LP increased its holdings in Ceragon Networks by 44.3% during the 4th quarter. HRT Financial LP now owns 19,660 shares of the communications equipment provider’s stock worth $41,000 after purchasing an additional 6,039 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new stake in shares of Ceragon Networks in the 4th quarter valued at about $64,000. Institutional investors own 13.31% of the company’s stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd. is a global provider of wireless backhaul solutions, specializing in high-capacity, low-latency connectivity for mobile operators and private networks. The company designs and manufactures a portfolio of microwave and millimeter-wave equipment that serves as a fiber alternative for carrying voice, data and video traffic between cell sites and core networks. Ceragon’s solutions are engineered to support the rigorous performance requirements of modern 4G and 5G deployments, with an emphasis on scalability, reliability and efficient spectrum utilization.

The company’s product lineup includes point-to-point and multi-point radio platforms, as well as software-driven network management tools that enable operators to plan, deploy and monitor end-to-end transport networks.