Morgan Stanley Sells 154,245 Shares of Ceragon Networks Ltd (NASDAQ:CRNT)

Morgan Stanley reduced its stake in Ceragon Networks Ltd (NASDAQ:CRNT) by 83.1% in the second quarter, Holdings Channel.com reports. The fund owned 31,398 shares of the communications equipment provider’s stock after selling 154,245 shares during the period. Morgan Stanley’s holdings in Ceragon Networks were worth $92,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Renaissance Technologies LLC boosted its holdings in shares of Ceragon Networks by 1.9% in the second quarter. Renaissance Technologies LLC now owns 4,374,900 shares of the communications equipment provider’s stock worth $12,818,000 after acquiring an additional 79,800 shares during the period. Menta Capital LLC boosted its holdings in shares of Ceragon Networks by 177.6% in the second quarter. Menta Capital LLC now owns 131,765 shares of the communications equipment provider’s stock worth $386,000 after acquiring an additional 84,300 shares during the period. ARK Investment Management LLC boosted its holdings in shares of Ceragon Networks by 12.3% in the second quarter. ARK Investment Management LLC now owns 131,354 shares of the communications equipment provider’s stock worth $385,000 after acquiring an additional 14,381 shares during the period. BlackRock Inc. boosted its holdings in shares of Ceragon Networks by 48.2% in the second quarter. BlackRock Inc. now owns 110,684 shares of the communications equipment provider’s stock worth $324,000 after acquiring an additional 36,009 shares during the period. Finally, ETF Managers Group LLC boosted its holdings in shares of Ceragon Networks by 37.6% in the second quarter. ETF Managers Group LLC now owns 107,421 shares of the communications equipment provider’s stock worth $321,000 after acquiring an additional 29,332 shares during the period. 15.47% of the stock is owned by hedge funds and other institutional investors.

Shares of CRNT stock opened at $1.76 on Monday. Ceragon Networks Ltd has a 52-week low of $1.70 and a 52-week high of $5.04. The company has a market capitalization of $142.01 million, a PE ratio of 8.80, a price-to-earnings-growth ratio of 1.97 and a beta of 1.37. The business’s fifty day moving average is $2.58 and its 200 day moving average is $2.75.

Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings data on Monday, November 4th. The communications equipment provider reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.03). Ceragon Networks had a return on equity of 4.90% and a net margin of 4.45%. The business had revenue of $72.16 million during the quarter, compared to analysts’ expectations of $84.68 million. Sell-side analysts predict that Ceragon Networks Ltd will post 0.06 earnings per share for the current fiscal year.

A number of research firms have recently commented on CRNT. ValuEngine lowered Ceragon Networks from a “buy” rating to a “hold” rating in a report on Monday, November 4th. Zacks Investment Research lowered Ceragon Networks from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Finally, Oppenheimer lowered Ceragon Networks from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Ceragon Networks currently has an average rating of “Hold” and an average target price of $3.50.

Ceragon Networks Profile

Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services worldwide. Its wireless backhaul solutions use microwave and millimeter wave technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.

Further Reading: Stock Symbols and CUSIP Explained

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Institutional Ownership by Quarter for Ceragon Networks (NASDAQ:CRNT)

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