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

Ceragon Networks Ltd. (NASDAQ:CRNT) was the recipient of a significant decline in short interest in May. As of May 29th, there was short interest totaling 98,112 shares, a decline of 38.5% from the May 14th total of 159,641 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average trading volume of 786,063 shares, the days-to-cover ratio is currently 0.1 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. CSM Advisors LLC acquired a new position in shares of Ceragon Networks in the third quarter valued at approximately $4,819,000. Worth Venture Partners LLC acquired a new stake in Ceragon Networks during the 3rd quarter valued at approximately $122,000. HRT Financial LP increased its position in Ceragon Networks by 44.3% during the 4th quarter. HRT Financial LP now owns 19,660 shares of the communications equipment provider’s stock valued at $41,000 after purchasing an additional 6,039 shares during the period. Renaissance Technologies LLC increased its position in Ceragon Networks by 13.7% during the 1st quarter. Renaissance Technologies LLC now owns 214,500 shares of the communications equipment provider’s stock valued at $463,000 after purchasing an additional 25,800 shares during the period. Finally, Aristides Capital LLC increased its position in Ceragon Networks by 15.5% during the 1st quarter. Aristides Capital LLC now owns 162,963 shares of the communications equipment provider’s stock valued at $352,000 after purchasing an additional 21,833 shares during the period. Institutional investors and hedge funds own 13.31% of the company’s stock.

Ceragon Networks Price Performance

Ceragon Networks stock opened at $2.86 on Wednesday. The business has a 50 day moving average of $2.65 and a 200-day moving average of $2.36. Ceragon Networks has a 1 year low of $1.82 and a 1 year high of $3.29. The company has a market capitalization of $259.95 million, a P/E ratio of -143.00 and a beta of 1.35.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Wednesday, April 15th. The communications equipment provider reported $0.01 earnings per share (EPS) for the quarter. Ceragon Networks had a positive return on equity of 2.27% and a negative net margin of 0.73%.The company had revenue of $85.00 million during the quarter. Equities analysts anticipate that Ceragon Networks will post 0.12 EPS for the current year.

Analyst Ratings Changes

Several research analysts have commented on CRNT shares. Roth Mkm reissued a “buy” rating and set a $4.50 target price on shares of Ceragon Networks in a research note on Tuesday, May 19th. Zacks Research raised Ceragon Networks from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. Weiss Ratings raised Ceragon Networks from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, May 26th. Craig Hallum reissued a “buy” rating and set a $4.00 target price on shares of Ceragon Networks in a research note on Wednesday, May 20th. Finally, Wall Street Zen raised Ceragon Networks from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 23rd. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $3.75.

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.