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

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

Analysts Set New Price Targets

CRNT has been the topic of a number of research reports. Roth Mkm reissued a “buy” rating and issued a $4.50 price objective on shares of Ceragon Networks in a research report on Tuesday, May 19th. Needham & Company LLC reiterated a “buy” rating and issued a $3.00 price target on shares of Ceragon Networks in a research note on Wednesday, May 20th. Weiss Ratings raised shares of Ceragon Networks from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, May 26th. Craig Hallum reaffirmed a “buy” rating and issued a $4.00 target price on shares of Ceragon Networks in a research report on Wednesday, May 20th. Finally, Lake Street Capital began coverage on Ceragon Networks in a report on Tuesday, March 31st. They set a “buy” rating and a $3.50 target price on the stock. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.75.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC raised its stake in Ceragon Networks by 132.2% in the 1st quarter. NewEdge Advisors LLC now owns 106,255 shares of the communications equipment provider’s stock valued at $250,000 after acquiring an additional 60,498 shares during the period. Qube Research & Technologies Ltd raised its position in shares of Ceragon Networks by 100.4% in the second quarter. Qube Research & Technologies Ltd now owns 580,093 shares of the communications equipment provider’s stock valued at $1,427,000 after purchasing an additional 290,695 shares during the period. Squarepoint Ops LLC lifted its stake in shares of Ceragon Networks by 642.7% during the 2nd quarter. Squarepoint Ops LLC now owns 552,939 shares of the communications equipment provider’s stock worth $1,360,000 after buying an additional 478,489 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Ceragon Networks by 31.7% during the 2nd quarter. Bank of America Corp DE now owns 372,961 shares of the communications equipment provider’s stock worth $917,000 after buying an additional 89,821 shares during the period. Finally, Boothbay Fund Management LLC boosted its holdings in shares of Ceragon Networks by 85.6% during the 2nd quarter. Boothbay Fund Management LLC now owns 134,364 shares of the communications equipment provider’s stock worth $331,000 after buying an additional 61,976 shares during the period. 13.31% of the stock is owned by institutional investors and hedge funds.

Ceragon Networks Trading Up 5.1%

Shares of CRNT traded up $0.12 during midday trading on Tuesday, reaching $2.60. The stock had a trading volume of 323,669 shares, compared to its average volume of 564,894. The firm has a market cap of $235.87 million, a PE ratio of -129.75 and a beta of 1.35. The firm has a 50 day simple moving average of $2.68 and a 200-day simple moving average of $2.40. Ceragon Networks has a one year low of $1.82 and a one year high of $3.29.

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

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.