Ceragon Networks (CRNT) Sees Large Volume Increase After Better-Than-Expected Earnings

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Ceragon Networks Ltd (NASDAQ:CRNT) shares saw strong trading volume on Monday following a stronger than expected earnings report. 3,922,389 shares were traded during mid-day trading, an increase of 624% from the previous session’s volume of 541,989 shares.The stock last traded at $3.67 and had previously closed at $3.46.

The communications equipment provider reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.03. Ceragon Networks had a return on equity of 10.61% and a net margin of 4.79%. The company had revenue of $86.53 million during the quarter, compared to analyst estimates of $82.59 million.

Several equities research analysts recently weighed in on the company. BidaskClub raised Ceragon Networks from a “hold” rating to a “buy” rating in a report on Tuesday, July 31st. Oppenheimer set a $5.00 price objective on Ceragon Networks and gave the stock a “buy” rating in a report on Monday. Zacks Investment Research lowered Ceragon Networks from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. CIBC raised Ceragon Networks from a “market perform” rating to an “outperform” rating in a report on Friday, September 28th. Finally, ValuEngine raised Ceragon Networks from a “hold” rating to a “buy” rating in a report on Friday, September 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $4.23.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Jane Street Group LLC boosted its stake in Ceragon Networks by 221.1% in the 2nd quarter. Jane Street Group LLC now owns 50,518 shares of the communications equipment provider’s stock worth $180,000 after purchasing an additional 34,787 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Ceragon Networks by 38.6% during the 1st quarter. JPMorgan Chase & Co. now owns 171,996 shares of the communications equipment provider’s stock valued at $463,000 after acquiring an additional 47,910 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of Ceragon Networks by 42.3% during the 2nd quarter. Macquarie Group Ltd. now owns 253,117 shares of the communications equipment provider’s stock valued at $904,000 after acquiring an additional 75,277 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Ceragon Networks by 2.5% during the 3rd quarter. Acadian Asset Management LLC now owns 3,136,999 shares of the communications equipment provider’s stock valued at $10,574,000 after acquiring an additional 75,879 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Ceragon Networks during the 2nd quarter valued at about $279,000. Institutional investors and hedge funds own 22.78% of the company’s stock.

The stock has a market cap of $270.36 million, a PE ratio of 22.03, a PEG ratio of 1.28 and a beta of 0.73.

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About Ceragon Networks (NASDAQ:CRNT)

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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