Ceragon Networks (CRNT) Trading 0% Higher on Better-Than-Expected Earnings

Ceragon Networks Ltd (NASDAQ:CRNT)’s share price traded up 0% on Tuesday following a stronger than expected earnings report. The company traded as high as $2.50 and last traded at $2.49. 3,374,400 shares traded hands during trading, an increase of 572% from the average session volume of 501,958 shares. The stock had previously closed at $2.49.

The communications equipment provider reported $0.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Ceragon Networks had a return on equity of 11.83% and a net margin of 4.69%. The business had revenue of $86.70 million for the quarter, compared to analysts’ expectations of $75.21 million. During the same quarter in the previous year, the firm earned $0.07 earnings per share. The business’s revenue was up 2.4% on a year-over-year basis.

Several research analysts have weighed in on the company. Oppenheimer reissued a “hold” rating on shares of Ceragon Networks in a research report on Monday. Zacks Investment Research cut Ceragon Networks from a “hold” rating to a “sell” rating in a research report on Wednesday, November 8th. Finally, ValuEngine raised Ceragon Networks from a “hold” rating to a “buy” rating in a research report on Tuesday, December 5th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $2.50.

Several institutional investors and hedge funds have recently modified their holdings of CRNT. Parametric Portfolio Associates LLC raised its stake in shares of Ceragon Networks by 23.9% in the second quarter. Parametric Portfolio Associates LLC now owns 59,132 shares of the communications equipment provider’s stock valued at $151,000 after buying an additional 11,410 shares during the period. Two Sigma Advisers LP raised its stake in shares of Ceragon Networks by 155.3% in the fourth quarter. Two Sigma Advisers LP now owns 86,300 shares of the communications equipment provider’s stock valued at $171,000 after buying an additional 52,500 shares during the period. State Street Corp raised its stake in shares of Ceragon Networks by 1.6% in the second quarter. State Street Corp now owns 76,592 shares of the communications equipment provider’s stock valued at $195,000 after buying an additional 1,205 shares during the period. ARK Investment Management LLC bought a new stake in shares of Ceragon Networks in the fourth quarter valued at $245,000. Finally, Deutsche Bank AG bought a new stake in shares of Ceragon Networks in the fourth quarter valued at $275,000. Hedge funds and other institutional investors own 14.15% of the company’s stock.

The company has a market cap of $193.82, a P/E ratio of 12.68 and a beta of 1.01.

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About Ceragon Networks

Ceragon Networks Ltd. offers wireless backhaul solutions. The Company’s products include FibeAir IP-20 Platform, FibeAir IP-20 Assured Platform and Network Management. The Company provides its services to wireless service providers, public safety organizations, government agencies and utility companies, among others.

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