Ceragon Networks Ltd. (NASDAQ:CRNT) Short Interest Up 184.3% in July

Ceragon Networks Ltd. (NASDAQ:CRNT) was the recipient of a large growth in short interest in the month of July. As of July 31st, there was short interest totaling 680,981 shares, a growth of 184.3% from the July 15th total of 239,519 shares. Currently, 0.9% of the shares of the company are sold short. Based on an average daily volume of 911,510 shares, the short-interest ratio is currently 0.7 days.

Institutional Trading of Ceragon Networks

A number of large investors have recently added to or reduced their stakes in CRNT. Private Advisor Group LLC bought a new position in shares of Ceragon Networks in the third quarter valued at $2,247,000. First Wilshire Securities Management Inc. boosted its stake in shares of Ceragon Networks by 18.0% during the 1st quarter. First Wilshire Securities Management Inc. now owns 4,854,150 shares of the communications equipment provider’s stock worth $10,485,000 after acquiring an additional 740,358 shares in the last quarter. Squarepoint Ops LLC boosted 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 acquiring an additional 478,489 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Ceragon Networks in the 1st quarter worth $911,000. Finally, Qube Research & Technologies Ltd grew its holdings in shares of Ceragon Networks by 100.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 580,093 shares of the communications equipment provider’s stock worth $1,427,000 after acquiring an additional 290,695 shares during the last quarter. 13.31% of the stock is currently owned by institutional investors.

Ceragon Networks Trading Up 0.9%

NASDAQ:CRNT traded up $0.02 during mid-day trading on Friday, reaching $2.20. 400,697 shares of the stock were exchanged, compared to its average volume of 781,663. The business has a fifty day moving average price of $2.41 and a 200 day moving average price of $2.42. Ceragon Networks has a 1-year low of $1.85 and a 1-year high of $3.29. The firm has a market capitalization of $199.97 million, a PE ratio of -73.33 and a beta of 1.37.

Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings results on Tuesday, August 11th. The communications equipment provider reported $0.02 earnings per share for the quarter. The company had revenue of $93.91 million during the quarter, compared to the consensus estimate of $86.45 million. Ceragon Networks had a negative net margin of 0.95% and a positive return on equity of 2.74%. On average, sell-side analysts forecast that Ceragon Networks will post 0.1 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $3.00 price target on shares of Ceragon Networks in a report on Tuesday. Weiss Ratings upgraded shares of Ceragon Networks from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, May 26th. Zacks Research cut shares of Ceragon Networks from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 16th. Wall Street Zen downgraded shares of Ceragon Networks from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Roth Capital reaffirmed a “buy” rating and issued a $4.50 price target on shares of Ceragon Networks in a research note on Tuesday, May 19th. Four investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, Ceragon Networks has an average rating of “Hold” 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.