Short Interest in Ceragon Networks Ltd. (NASDAQ:CRNT) Expands By 173.8%

Ceragon Networks Ltd. (NASDAQ:CRNT) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totaling 268,587 shares, an increase of 173.8% from the May 31st total of 98,112 shares. Approximately 0.4% of the shares of the company are sold short. Based on an average daily trading volume, of 1,000,603 shares, the days-to-cover ratio is currently 0.3 days.

Institutional Trading of Ceragon Networks

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRNT. BNP Paribas Financial Markets lifted its holdings in Ceragon Networks by 49.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,817 shares of the communications equipment provider’s stock worth $37,000 after purchasing an additional 5,211 shares in the last quarter. HRT Financial LP boosted its stake in Ceragon Networks by 44.3% in 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. Aristides Capital LLC grew its holdings in Ceragon Networks by 4.5% during the 4th quarter. Aristides Capital LLC now owns 141,130 shares of the communications equipment provider’s stock valued at $296,000 after buying an additional 6,130 shares in the last quarter. Tamar Securities LLC grew its holdings in Ceragon Networks by 67.3% during the 4th quarter. Tamar Securities LLC now owns 17,016 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 6,848 shares in the last quarter. Finally, WINTON GROUP Ltd raised its position in shares of Ceragon Networks by 11.2% during the fourth quarter. WINTON GROUP Ltd now owns 97,834 shares of the communications equipment provider’s stock valued at $205,000 after buying an additional 9,867 shares during the last quarter. Institutional investors own 13.31% of the company’s stock.

Ceragon Networks Stock Performance

Shares of Ceragon Networks stock opened at $2.35 on Monday. Ceragon Networks has a fifty-two week low of $1.82 and a fifty-two week high of $3.29. The company has a market capitalization of $214.05 million, a P/E ratio of -117.75 and a beta of 1.35. The company has a fifty day moving average of $2.68 and a 200 day moving average of $2.39.

Ceragon Networks (NASDAQ:CRNT) last posted its quarterly earnings results on Wednesday, April 15th. The communications equipment provider reported $0.01 EPS for the quarter. Ceragon Networks had a positive return on equity of 2.27% and a negative net margin of 0.73%.The business had revenue of $85.00 million for the quarter. Analysts forecast that Ceragon Networks will post 0.12 EPS for the current year.

Analysts Set New Price Targets

CRNT has been the topic of several recent research reports. Weiss Ratings raised Ceragon Networks from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, May 26th. Lake Street Capital began coverage on Ceragon Networks in a research note on Tuesday, March 31st. They set a “buy” rating and a $3.50 price objective for the company. Wall Street Zen raised shares of Ceragon Networks from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 23rd. Craig Hallum restated a “buy” rating and set a $4.00 target price on shares of Ceragon Networks in a research note on Wednesday, May 20th. Finally, Needham & Company LLC restated a “buy” rating and set a $3.00 target price on shares of Ceragon Networks in a research note on Wednesday, May 20th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.75.

Ceragon Networks Company Profile

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.