Craig Hallum Initiates Coverage on Ceragon Networks (NASDAQ:CRNT)

Research analysts at Craig Hallum began coverage on shares of Ceragon Networks (NASDAQ:CRNT) in a report issued on Thursday, Marketbeat.com reports. The brokerage set a “buy” rating and a $5.00 price target on the communications equipment provider’s stock. Craig Hallum’s price objective indicates a potential upside of 83.15% from the company’s previous close.

CRNT has been the topic of several other reports. StockNews.com lowered Ceragon Networks from a “buy” rating to a “hold” rating in a research report on Saturday, March 8th. Needham & Company LLC restated a “buy” rating and set a $6.00 price target on shares of Ceragon Networks in a research report on Wednesday, February 12th. Finally, Litchfield Hills Research assumed coverage on Ceragon Networks in a research report on Tuesday, December 3rd. They set a “buy” rating and a $10.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $6.38.

Ceragon Networks Stock Performance

Shares of CRNT opened at $2.73 on Thursday. The stock’s 50-day simple moving average is $3.96 and its 200 day simple moving average is $3.50. The stock has a market capitalization of $233.19 million, a price-to-earnings ratio of 10.11 and a beta of 1.62. Ceragon Networks has a 52-week low of $2.33 and a 52-week high of $5.73.

Institutional Trading of Ceragon Networks

Several hedge funds have recently bought and sold shares of CRNT. Walleye Capital LLC grew its holdings in Ceragon Networks by 95.1% during the third quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider’s stock valued at $778,000 after purchasing an additional 138,411 shares during the period. XTX Topco Ltd purchased a new position in shares of Ceragon Networks in the third quarter valued at about $152,000. JPMorgan Chase & Co. purchased a new position in shares of Ceragon Networks in the third quarter valued at about $104,000. Inspire Investing LLC purchased a new position in shares of Ceragon Networks in the fourth quarter valued at about $903,000. Finally, Perigon Wealth Management LLC purchased a new position in shares of Ceragon Networks in the fourth quarter valued at about $90,000. Institutional investors own 13.31% of the company’s stock.

Ceragon Networks Company Profile

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.