Ceragon Networks Ltd. (CRNT) Trading Down 4.5%
Shares of Ceragon Networks Ltd. (NASDAQ:CRNT) dropped 4.5% on Tuesday . The stock traded as low as $2.11 and last traded at $2.11, with a volume of 295,459 shares changing hands. The stock had previously closed at $2.21.
Several research firms have commented on CRNT. Zacks Investment Research raised Ceragon Networks from a “hold” rating to a “strong-buy” rating and set a $1.75 price target for the company in a report on Thursday, May 12th. Jefferies Group reaffirmed a “hold” rating on shares of Ceragon Networks in a report on Friday, May 13th. Finally, Needham & Company LLC upped their price target on Ceragon Networks from $2.00 to $2.50 and gave the company a “buy” rating in a report on Monday, July 18th.
The stock has a market capitalization of $163.08 million and a PE ratio of 23.33. The company’s 50-day moving average is $1.88 and its 200-day moving average is $1.43.
Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Monday, May 9th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The firm earned $59.80 million during the quarter, compared to analyst estimates of $63.55 million. During the same period in the prior year, the business earned ($0.02) EPS. The business’s revenue for the quarter was down 36.2% compared to the same quarter last year. Equities analysts expect 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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