Does This Provide a Reason to Buy Ceragon Networks Ltd. (CRNT)? The Stock Has Formed Double Top Pattern

May 16, 2018 - By Nellie Frank

Ceragon Networks Ltd. (NASDAQ:CRNT) Logo

The chart of Ceragon Networks Ltd. (CRNT) shows a double top with $3.07 target or 3.00 % above today’s $2.98 share price. The 6 months chart pattern indicates low risk for the $232.86M company. It was reported on May, 16 by Finviz.com. If the $3.07 price target is reached, the company will be worth $6.99M more. Double tops are rare but powerful chart patterns.

The stock increased 1.36% or $0.04 during the last trading session, reaching $2.98. About 491,811 shares traded. Ceragon Networks Ltd. (NASDAQ:CRNT) has declined 18.43% since May 16, 2017 and is downtrending. It has underperformed by 29.98% the S&P500.

Analysts await Ceragon Networks Ltd. (NASDAQ:CRNT) to report earnings on August, 6. They expect $0.02 earnings per share, down 71.43 % or $0.05 from last year’s $0.07 per share. CRNT’s profit will be $1.56 million for 37.25 P/E if the $0.02 EPS becomes a reality. After $0.04 actual earnings per share reported by Ceragon Networks Ltd. for the previous quarter, Wall Street now forecasts -50.00 % negative EPS growth.

Another recent and important Ceragon Networks Ltd. (NASDAQ:CRNT) news was published by Benzinga.com which published an article titled: “Benzinga Pro’s 5 Stocks To Watch Today” on May 07, 2018.

Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice, data, and multimedia services worldwide. The company has market cap of $232.86 million. The Company’s wireless backhaul solutions use microwave technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network. It has a 15.68 P/E ratio. The firm also provides wireless fronthaul solutions that use microwave technology for communication between LTE/LTE-advanced base band digital unit stations and remote radio heads.

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