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

Ceragon Networks Ltd. (NASDAQ:CRNT) was the recipient of a large growth in short interest in December. As of December 15th, there was short interest totalling 422,300 shares, a growth of 49.8% from the November 30th total of 282,000 shares. Based on an average trading volume of 1,180,000 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.6% of the shares of the stock are short sold.

Ceragon Networks Price Performance

CRNT stock traded down $0.16 during trading hours on Monday, reaching $4.55. The stock had a trading volume of 639,522 shares, compared to its average volume of 655,775. The stock has a 50-day simple moving average of $3.58 and a 200 day simple moving average of $2.99. The stock has a market capitalization of $388.65 million, a PE ratio of 20.68 and a beta of 1.61. Ceragon Networks has a fifty-two week low of $2.07 and a fifty-two week high of $5.00.

Analysts Set New Price Targets

Several equities analysts have weighed in on CRNT shares. Litchfield Hills Research assumed coverage on Ceragon Networks in a research note on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 target price on the stock. Roth Mkm began coverage on shares of Ceragon Networks in a research note on Monday, October 28th. They issued a “buy” rating and a $4.50 target price for the company. Roth Capital raised Ceragon Networks to a “strong-buy” rating in a research note on Monday, October 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $6.00 price target (up from $4.50) on shares of Ceragon Networks in a research note on Wednesday, December 4th. Three research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $6.83.

Institutional Trading of Ceragon Networks

Hedge funds have recently made changes to their positions in the business. WINTON GROUP Ltd acquired a new stake in Ceragon Networks during the second quarter worth approximately $26,000. Cubist Systematic Strategies LLC acquired a new position in shares of Ceragon Networks in the second quarter valued at about $56,000. Sei Investments Co. increased its position in Ceragon Networks by 45.7% during the second quarter. Sei Investments Co. now owns 27,423 shares of the communications equipment provider’s stock worth $69,000 after acquiring an additional 8,607 shares during the period. JPMorgan Chase & Co. acquired a new stake in Ceragon Networks in the 3rd quarter worth about $104,000. Finally, XTX Topco Ltd acquired a new position in shares of Ceragon Networks during the 3rd quarter worth approximately $152,000. 13.31% of the stock is owned by institutional investors and hedge funds.

Ceragon Networks Company Profile

Ceragon Networks Ltd., together with its subsidiaries, provides wireless transport solutions for cellular operators and other wireless service providers in North America, Europe, Africa, the Asia Pacific, the Middle East, India, and Latin America. The company's solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the service provider's network.