Ceragon Networks Ltd. (NASDAQ:CRNT) Sees Significant Growth in Short Interest

Ceragon Networks Ltd. (NASDAQ:CRNT) saw a large increase in short interest in July. As of July 31st, there was short interest totaling 680,981 shares, an increase of 184.3% from the July 15th total of 239,519 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average trading volume of 911,510 shares, the days-to-cover ratio is currently 0.7 days.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $3.00 price objective on shares of Ceragon Networks in a research note on Tuesday, August 11th. Wall Street Zen cut Ceragon Networks from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Weiss Ratings upgraded Ceragon Networks from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, May 26th. Roth Capital reissued a “buy” rating and issued a $4.50 price target on shares of Ceragon Networks in a research report on Tuesday, May 19th. Finally, Craig Hallum restated a “buy” rating and issued a $4.00 price objective on shares of Ceragon Networks in a research note on Wednesday, May 20th. Four analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $3.75.

Ceragon Networks Stock Performance

NASDAQ CRNT opened at $2.20 on Friday. Ceragon Networks has a twelve month low of $1.85 and a twelve month high of $3.29. The stock has a market capitalization of $199.96 million, a PE ratio of -73.33 and a beta of 1.37. The stock has a 50-day simple moving average of $2.41 and a 200 day simple moving average of $2.42.

Ceragon Networks (NASDAQ:CRNT) last announced its earnings results on Tuesday, August 11th. The communications equipment provider reported $0.02 earnings per share for the quarter. The firm had revenue of $93.91 million during the quarter, compared to the consensus estimate of $86.45 million. Ceragon Networks had a positive return on equity of 2.74% and a negative net margin of 0.95%. As a group, equities research analysts forecast that Ceragon Networks will post 0.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Ceragon Networks

Hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets acquired a new position in Ceragon Networks during the 2nd quarter valued at $26,000. Walleye Capital LLC acquired a new stake in Ceragon Networks in the 4th quarter worth $27,000. Tamar Securities LLC grew its position in Ceragon Networks by 67.3% in the 4th quarter. Tamar Securities LLC now owns 17,016 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 6,848 shares during the last quarter. HRT Financial LP increased its holdings in shares of Ceragon Networks by 44.3% during the 4th quarter. HRT Financial LP now owns 19,660 shares of the communications equipment provider’s stock worth $41,000 after purchasing an additional 6,039 shares during the period. Finally, Verition Fund Management LLC bought a new position in shares of Ceragon Networks during the 4th quarter worth about $64,000. 13.31% of the stock is owned by institutional investors.

About Ceragon Networks

Ceragon Networks Ltd. is a global provider of wireless backhaul solutions, specializing in high-capacity, low-latency connectivity for mobile operators and private networks. The company designs and manufactures a portfolio of microwave and millimeter-wave equipment that serves as a fiber alternative for carrying voice, data and video traffic between cell sites and core networks. Ceragon’s solutions are engineered to support the rigorous performance requirements of modern 4G and 5G deployments, with an emphasis on scalability, reliability and efficient spectrum utilization.

The company’s product lineup includes point-to-point and multi-point radio platforms, as well as software-driven network management tools that enable operators to plan, deploy and monitor end-to-end transport networks.