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

Ceragon Networks Ltd. (NASDAQ:CRNT) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.09 and traded as high as $5.63. Ceragon Networks shares last traded at $5.48, with a volume of 8,099,058 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CRNT shares. Roth Capital raised Ceragon Networks to a “strong-buy” rating in a research note on Monday, October 28th. Litchfield Hills Research began coverage on Ceragon Networks in a research report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 price target for the company. Roth Mkm started coverage on shares of Ceragon Networks in a research report on Monday, October 28th. They set a “buy” rating and a $4.50 price objective on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $6.00 target price (up previously from $4.50) on shares of Ceragon Networks in a report on Wednesday, December 4th. Three research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ceragon Networks has an average rating of “Buy” and an average price target of $6.83.

Ceragon Networks Stock Performance

The stock has a fifty day moving average of $3.86 and a 200-day moving average of $3.09. The company has a market cap of $468.09 million, a PE ratio of 24.91 and a beta of 1.60.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC boosted its position in Ceragon Networks by 25.7% in the 2nd quarter. Acadian Asset Management LLC now owns 1,955,161 shares of the communications equipment provider’s stock valued at $4,878,000 after buying an additional 400,161 shares during the period. Renaissance Technologies LLC raised its stake in shares of Ceragon Networks by 35.4% during the second quarter. Renaissance Technologies LLC now owns 643,816 shares of the communications equipment provider’s stock valued at $1,610,000 after acquiring an additional 168,416 shares in the last quarter. Walleye Capital LLC boosted its holdings in shares of Ceragon Networks by 95.1% in 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 bought a new position in Ceragon Networks in the third quarter worth approximately $152,000. Finally, JPMorgan Chase & Co. purchased a new position in Ceragon Networks during the 3rd quarter worth $104,000. 13.31% of the stock is currently owned by institutional investors.

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.