Shares of Ceragon Networks Ltd. (NASDAQ:CRNT) hit a new 52-week high during trading on Wednesday . The stock traded as high as $2.48 and last traded at $2.44, with a volume of 1,131,033 shares traded. The stock had previously closed at $2.35.

CRNT has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Ceragon Networks from a “hold” rating to a “buy” rating and set a $2.25 price objective for the company in a research report on Tuesday, July 12th. Needham & Company LLC raised their price objective on shares of Ceragon Networks from $2.00 to $2.50 and gave the stock a “buy” rating in a research report on Monday. Finally, Jefferies Group reaffirmed a “hold” rating on shares of Ceragon Networks in a research report on Friday, May 13th.

The stock’s 50 day moving average is $1.79 and its 200-day moving average is $1.37. The firm has a market capitalization of $161.52 million and a price-to-earnings ratio of 23.11.

Ceragon Networks (NASDAQ:CRNT) last released its earnings results on Monday, May 9th. The company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. The firm earned $59.80 million during the quarter, compared to the consensus estimate of $63.55 million. During the same quarter in the previous year, the firm earned ($0.02) EPS. The business’s quarterly revenue was down 36.2% compared to the same quarter last year. On average, analysts forecast that Ceragon Networks Ltd. will post $0.10 earnings per share for the current year.

Ceragon Networks Ltd. is a provider of wireless backhaul solutions. The Company’s solutions enable cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, social networking applications, image sharing, music and video applications.

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