Ceragon Networks (NASDAQ:CRNT) Stock Passes Above 200-Day Moving Average – Here’s Why

Ceragon Networks Ltd. (NASDAQ:CRNT) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.66 and traded as high as $3.18. Ceragon Networks shares last traded at $2.79, with a volume of 3,185,265 shares.

Analyst Ratings Changes

A number of brokerages have recently commented on CRNT. Roth Mkm initiated coverage on shares of Ceragon Networks in a research report on Monday, October 28th. They issued a “buy” rating and a $4.50 target price for the company. Needham & Company LLC restated a “buy” rating and set a $5.25 target price on shares of Ceragon Networks in a report on Thursday, August 8th. Finally, Roth Capital upgraded Ceragon Networks to a “strong-buy” rating in a research report on Monday, October 28th. Two investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Strong Buy” and a consensus target price of $4.88.

Ceragon Networks Trading Down 3.9 %

The firm’s fifty day simple moving average is $2.60 and its two-hundred day simple moving average is $2.67. The company has a market capitalization of $231.48 million, a price-to-earnings ratio of 12.82 and a beta of 1.35.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC grew its holdings in shares of Ceragon Networks by 126.4% in the first quarter. Acadian Asset Management LLC now owns 1,555,000 shares of the communications equipment provider’s stock valued at $4,966,000 after purchasing an additional 868,138 shares in the last quarter. Lazard Asset Management LLC grew its stake in shares of Ceragon Networks by 9,906.9% in the first quarter. Lazard Asset Management LLC now owns 94,765 shares of the communications equipment provider’s stock worth $303,000 after acquiring an additional 93,818 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Ceragon Networks during the second quarter worth $56,000. WINTON GROUP Ltd purchased a new position in Ceragon Networks in the second quarter valued at $26,000. Finally, Sei Investments Co. boosted its holdings 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 purchasing an additional 8,607 shares during the period. Hedge funds and other 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.