Ceragon Networks (NASDAQ:CRNT) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Ceragon Networks Ltd. (NASDAQ:CRNT) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $3.29 and traded as high as $5.15. Ceragon Networks shares last traded at $5.09, with a volume of 1,670,515 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CRNT. Roth Mkm assumed coverage on Ceragon Networks in a report on Monday, October 28th. They set a “buy” rating and a $4.50 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $6.00 target price on shares of Ceragon Networks in a research note on Thursday, January 16th. Litchfield Hills Research initiated coverage on shares of Ceragon Networks in a research note on Tuesday, December 3rd. They set a “buy” rating and a $10.00 price target on the stock. Finally, Roth Capital raised shares of Ceragon Networks to a “strong-buy” rating in a research note on Monday, October 28th. Three equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $6.83.

Ceragon Networks Trading Down 3.3 %

The company’s fifty day moving average is $4.49 and its 200-day moving average is $3.31. The firm has a market capitalization of $420.27 million, a P/E ratio of 22.36 and a beta of 1.60.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new position in Ceragon Networks in the second quarter worth $56,000. Sei Investments Co. increased its stake in Ceragon Networks by 45.7% in the second quarter. Sei Investments Co. now owns 27,423 shares of the communications equipment provider’s stock valued at $69,000 after acquiring an additional 8,607 shares during the period. Perigon Wealth Management LLC bought a new position in Ceragon Networks during the fourth quarter worth about $90,000. JPMorgan Chase & Co. bought a new stake in shares of Ceragon Networks in the 3rd quarter valued at approximately $104,000. Finally, XTX Topco Ltd bought a new position in shares of Ceragon Networks during the 3rd quarter worth approximately $152,000. Institutional investors own 13.31% of the company’s stock.

About Ceragon Networks

Ceragon Networks Ltd., together with its subsidiaries, provides wireless transport solutions for cellular operators and other wireless service providers in North America, Europe, Africa, the Asia Pacific, the Middle East, India, and Latin America. The company's solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the service provider's network.