Ceragon Networks (NASDAQ:CRNT) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Ceragon Networks Ltd. (NASDAQ:CRNT)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.29 and traded as high as $5.15. Ceragon Networks shares last traded at $5.09, with a volume of 1,670,515 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CRNT shares. Roth Mkm started coverage on shares of Ceragon Networks in a report on Monday, October 28th. They issued a “buy” rating and a $4.50 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $6.00 price target on shares of Ceragon Networks in a report on Thursday, January 16th. Roth Capital raised shares of Ceragon Networks to a “strong-buy” rating in a report on Monday, October 28th. Finally, Litchfield Hills Research started coverage on shares of Ceragon Networks in a report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 price target for the company. Three equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $6.83.

Ceragon Networks Price Performance

The company’s fifty day moving average is $4.44 and its 200-day moving average is $3.29. The stock has a market cap of $434.79 million, a PE ratio of 23.14 and a beta of 1.60.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CRNT. Cubist Systematic Strategies LLC purchased a new position in shares of Ceragon Networks during the second quarter worth $56,000. Sei Investments Co. increased its holdings in Ceragon Networks by 45.7% in the second quarter. Sei Investments Co. now owns 27,423 shares of the communications equipment provider’s stock valued at $69,000 after buying an additional 8,607 shares in the last quarter. Perigon Wealth Management LLC purchased a new position in Ceragon Networks in the fourth quarter valued at $90,000. JPMorgan Chase & Co. purchased a new position in Ceragon Networks in the third quarter valued at $104,000. Finally, XTX Topco Ltd purchased a new position in Ceragon Networks in the third quarter valued at $152,000. Hedge funds and other institutional investors own 13.31% of the company’s stock.

About Ceragon Networks

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.