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Ceragon jumps 56% as ARK increases stake

  • January 17, 2021

The share price of Israeli backhaul wireless provider and network equipment vendor Ceragon Networks Ltd. (Nasdaq: CRNT; TASE:CRNT) rose 54% on Friday to $4.85, giving a market cap of $393.5 million.

The company made no official announcement and was probably boosted by the fact that ARK Investment increased its holdings. At the end of the third quarter ARK had Ceragon shares worth $367 million, while now in mid-January it has shared worth $970 million. ARK’s founder and CEO Katherine Wood is considered something of an investment guru and when she decides to buy a share other investors flock after her.

In addition, Needham recently wrote that Cerago is well positioned to take advantage of the rapid shift to 5G.

Ceragon’s CEO is Ira Palti.

Published by Globes, Israel business news – en.globes.co.il – on January 17, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021


Article source: https://en.globes.co.il/en/article-1001357431#utm_source=RSS

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