Ceragon Networks Ltd. (NASDAQ:CRNT) Sees Large Drop in Short Interest

by · The Markets Daily

Ceragon Networks Ltd. (NASDAQ:CRNT – Get Free Report) was the target of a large decline in short interest in December. As of December 31st, there was short interest totalling 272,600 shares, a decline of 35.4% from the December 15th total of 422,300 shares. Approximately 0.4% of the company’s stock are sold short. Based on an average trading volume of 1,560,000 shares, the short-interest ratio is currently 0.2 days.

Ceragon Networks Trading Down 1.5 %

Ceragon Networks stock traded down $0.07 during mid-day trading on Friday, hitting $4.49. 1,155,487 shares of the company’s stock were exchanged, compared to its average volume of 2,641,435. Ceragon Networks has a 1-year low of $2.33 and a 1-year high of $5.73. The stock has a 50 day moving average of $4.28 and a two-hundred day moving average of $3.23. The stock has a market cap of $383.53 million, a P/E ratio of 20.41 and a beta of 1.60.

Institutional Trading of Ceragon Networks

Several large investors have recently made changes to their positions in the stock. WINTON GROUP Ltd acquired a new stake in Ceragon Networks in the 2nd quarter worth approximately $26,000. Renaissance Technologies LLC raised its position in shares of Ceragon Networks by 35.4% in the second quarter. Renaissance Technologies LLC now owns 643,816 shares of the communications equipment provider’s stock valued at $1,610,000 after purchasing an additional 168,416 shares during the period. Sei Investments Co. raised its position in shares of Ceragon Networks by 45.7% in the second quarter. Sei Investments Co. now owns 27,423 shares of the communications equipment provider’s stock valued at $69,000 after purchasing an additional 8,607 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Ceragon Networks in the second quarter worth $56,000. Finally, Walleye Capital LLC boosted its holdings in shares of Ceragon Networks by 95.1% during the 3rd quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider’s stock worth $778,000 after buying an additional 138,411 shares during the period. Institutional investors own 13.31% of the company’s stock.

Wall Street Analyst Weigh In

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

Check Out Our Latest Stock Analysis on Ceragon Networks

About Ceragon Networks

(Get Free Report)

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.

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