Short Interest in Ceragon Networks Grows By 29.3% (CRNT)
Shares of Ceragon Networks (NASDAQ:CRNT) were the target of a significant growth in short interest in the month of June. As of June 13th, there was short interest totalling 717,559 shares, a growth of 29.3% from the May 30th total of 554,899 shares, StockRatingsNetwork reports. Approximately 1.7% of the shares of the company are short sold. Based on an average trading volume of 174,538 shares, the days-to-cover ratio is presently 4.1 days.
A number of analysts have recently weighed in on CRNT shares. Analysts at Zacks downgraded shares of Ceragon Networks from a “neutral” rating to an “underperform” rating in a research note on Monday, May 12th. They now have a $2.20 price target on the stock. Separately, analysts at Jefferies Group cut their price target on shares of Ceragon Networks from $3.40 to $2.70 in a research note on Friday, May 9th. Finally, analysts at Canaccord Genuity reiterated a “hold” rating on shares of Ceragon Networks in a research note on Friday, May 9th. They now have a $2.50 price target on the stock, down previously from $3.00.
Ceragon Networks (NASDAQ:CRNT) opened at 2.61 on Thursday. Ceragon Networks has a one year low of $2.13 and a one year high of $4.35. The stock’s 50-day moving average is $2.42 and its 200-day moving average is $2.85. The company’s market cap is $136.9 million.
Ceragon Networks (NASDAQ:CRNT) last announced its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.16) by $0.09. The company had revenue of $70.50 million for the quarter, compared to the consensus estimate of $71.80 million. During the same quarter last year, the company posted ($0.16) earnings per share. Ceragon Networks’s revenue was down 21.8% compared to the same quarter last year. On average, analysts predict that Ceragon Networks will post $-0.30 earnings per share for the current fiscal year.
Ceragon Networks Ltd (NASDAQ:CRNT) is a provider of wireless backhaul solutions, which enables cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, music and video applications.
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