Short Interest in Ceragon Networks Ltd. (NASDAQ:CRNT) Grows By 39.1%

Ceragon Networks Ltd. (NASDAQ:CRNT) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 560,800 shares, a growth of 39.1% from the February 28th total of 403,200 shares. Currently, 0.9% of the company’s shares are short sold. Based on an average daily volume of 2,070,000 shares, the days-to-cover ratio is currently 0.3 days.

Ceragon Networks Price Performance

Shares of NASDAQ CRNT opened at $2.35 on Tuesday. Ceragon Networks has a 1 year low of $2.29 and a 1 year high of $5.73. The company’s 50-day moving average is $3.41 and its 200 day moving average is $3.48. The stock has a market capitalization of $208.77 million, a P/E ratio of 8.70 and a beta of 1.62.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRNT. Walleye Capital LLC boosted its position in shares of Ceragon Networks by 95.1% during the third quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider’s stock valued at $778,000 after purchasing an additional 138,411 shares in the last quarter. Inspire Investing LLC bought a new position in Ceragon Networks in the fourth quarter worth $903,000. JPMorgan Chase & Co. purchased a new position in Ceragon Networks during the third quarter valued at $104,000. Perigon Wealth Management LLC bought a new stake in shares of Ceragon Networks during the 4th quarter valued at $90,000. Finally, Navellier & Associates Inc. purchased a new stake in shares of Ceragon Networks in the 4th quarter worth about $1,804,000. Hedge funds and other institutional investors own 13.31% of the company’s stock.

Analyst Upgrades and Downgrades

CRNT has been the topic of a number of recent analyst reports. Litchfield Hills Research initiated coverage on shares of Ceragon Networks in a report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 price target on the stock. StockNews.com cut Ceragon Networks from a “buy” rating to a “hold” rating in a research note on Thursday, March 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $6.00 price target on shares of Ceragon Networks in a research report on Wednesday, February 12th. Finally, Craig Hallum began coverage on Ceragon Networks in a research report on Thursday, March 13th. They issued a “buy” rating and a $5.00 price objective on the stock. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Ceragon Networks has an average rating of “Buy” and a consensus target price of $6.38.

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.