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

Ceragon Networks Ltd. (NASDAQ:CRNT) was the target of a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 282,000 shares, a growth of 554.3% from the November 15th total of 43,100 shares. Currently, 0.4% of the company’s shares are sold short. Based on an average trading volume of 912,800 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Investors Weigh In On Ceragon Networks

Several large investors have recently modified their holdings of the business. Sei Investments Co. increased its stake in Ceragon Networks by 45.7% during the 2nd quarter. Sei Investments Co. now owns 27,423 shares of the communications equipment provider’s stock worth $69,000 after purchasing an additional 8,607 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Ceragon Networks in the second quarter valued at approximately $26,000. Cubist Systematic Strategies LLC bought a new stake in shares of Ceragon Networks during the second quarter worth $56,000. XTX Topco Ltd acquired a new stake in shares of Ceragon Networks during the third quarter worth $152,000. Finally, Walleye Capital LLC lifted its position in Ceragon Networks by 95.1% in the 3rd quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider’s stock valued at $778,000 after acquiring an additional 138,411 shares in the last quarter. 13.31% of the stock is currently owned by institutional investors.

Ceragon Networks Price Performance

Shares of NASDAQ CRNT traded up $0.41 during midday trading on Wednesday, reaching $4.91. 4,135,108 shares of the stock were exchanged, compared to its average volume of 603,383. Ceragon Networks has a 12 month low of $1.83 and a 12 month high of $5.00. The business has a 50-day simple moving average of $3.05 and a two-hundred day simple moving average of $2.81. The company has a market capitalization of $419.40 million, a price-to-earnings ratio of 21.95 and a beta of 1.61.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CRNT shares. Roth Capital upgraded shares of Ceragon Networks to a “strong-buy” rating in a research report on Monday, October 28th. Needham & Company LLC reiterated a “buy” rating and set a $6.00 target price (up previously from $4.50) on shares of Ceragon Networks in a research report on Wednesday, December 4th. Litchfield Hills Research started coverage on Ceragon Networks in a research report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 price target on the stock. Finally, Roth Mkm started coverage on Ceragon Networks in a research note on Monday, October 28th. They set a “buy” rating and a $4.50 price objective for the company. Three research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Ceragon Networks currently has a consensus rating of “Buy” and a consensus target price of $6.83.

About Ceragon Networks

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.