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

Ceragon Networks Ltd. (NASDAQ:CRNT) saw a large drop in short interest in December. As of December 31st, there was short interest totaling 726,791 shares, a drop of 20.0% from the December 15th total of 908,001 shares. Approximately 1.0% of the shares of the company are short sold. Based on an average trading volume of 617,256 shares, the days-to-cover ratio is currently 1.2 days. Based on an average trading volume of 617,256 shares, the days-to-cover ratio is currently 1.2 days. Approximately 1.0% of the shares of the company are short sold.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CRNT. Needham & Company LLC reiterated a “buy” rating and issued a $3.00 target price on shares of Ceragon Networks in a research note on Wednesday, November 12th. Weiss Ratings reissued a “hold (c-)” rating on shares of Ceragon Networks in a research note on Monday, December 29th. Finally, Zacks Research upgraded shares of Ceragon Networks from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4.00.

Ceragon Networks Stock Performance

Shares of NASDAQ:CRNT traded up $0.02 on Monday, hitting $2.36. The stock had a trading volume of 381,880 shares, compared to its average volume of 654,429. Ceragon Networks has a twelve month low of $1.82 and a twelve month high of $5.52. The company has a market capitalization of $209.87 million, a price-to-earnings ratio of 118.06 and a beta of 1.07. The firm’s 50 day moving average price is $2.10 and its 200-day moving average price is $2.21.

Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings data on Wednesday, November 12th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm had revenue of $85.48 million for the quarter, compared to the consensus estimate of $83.48 million. Ceragon Networks had a return on equity of 6.67% and a net margin of 0.38%. As a group, sell-side analysts predict that Ceragon Networks will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Ceragon Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRNT. Axis Wealth Partners LLC bought a new stake in Ceragon Networks during the 2nd quarter worth $26,000. BNP Paribas Financial Markets bought a new stake in shares of Ceragon Networks during the second quarter worth about $26,000. Jones Financial Companies Lllp boosted its position in shares of Ceragon Networks by 283.3% during the third quarter. Jones Financial Companies Lllp now owns 11,500 shares of the communications equipment provider’s stock valued at $27,000 after buying an additional 8,500 shares during the last quarter. Bank of Montreal Can bought a new position in shares of Ceragon Networks during the second quarter valued at about $35,000. Finally, Wedbush Securities Inc. increased its position in shares of Ceragon Networks by 58.4% during the second quarter. Wedbush Securities Inc. now owns 23,664 shares of the communications equipment provider’s stock valued at $58,000 after acquiring an additional 8,727 shares during the last quarter. 13.31% of the stock is owned by institutional investors and hedge funds.

About Ceragon Networks

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.