CRNT Stock Price Increased 53.97%: Why It Happened

By Amit Chowdhry ● January 16, 2021
  • The stock price of Ceragon Networks Ltd (NASDAQ: CRNT) has increased by 53.97% on January 15 as it went from a previous close of $3.15 to $4.85. This is why it happened.

The stock price of Ceragon Networks Ltd (NASDAQ: CRNT) has increased by 53.97% on January 15 as it went from a previous close of $3.15 to $4.85. There are several reasons why it happened.

Higher Price Target From Needham

Earlier this week, Needham analyst Alex Henderson assigned Ceragon a “buy” rating of $3.80. When the report was published, the target represented over a 20% upside on the stock price.

Henderson came up with the new price target after Ceragon hosted a presentation at its growth conference. And Henderson noted that Ceragon was seeing strong customer interest in its newly launched IP-50 platform. Plus Henderson is expecting spending in India to rebound this year.

ARK Invest Increases Stake Ceragon

Whenever ARK Invest increases its stake in a company, the stock price of that company generally heads north. ARK Invest had increased its stake and now it has 970,011 shares in Ceragon valued at over $4.7 million in its ARK Israel Innovative Technology ETF (IZRL) Holdings fund (PDF).

Momentum Around 5G Stocks

During the week, there was some chatter around social media and investment shows the potential of 5G stocks. Jim Cramer of CNBC highlighted some of his favorite 5G stocks. And financial social media personality DeadNSyde also said that he is looking into CRNT due to 5G.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.