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.
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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