Cambium Networks Co. (NASDAQ:CMBM) Sees Large Decline in Short Interest

Cambium Networks Co. (NASDAQ:CMBM) was the target of a significant drop in short interest in May. As of May 31st, there was short interest totalling 545,000 shares, a drop of 13.6% from the May 15th total of 630,800 shares. Approximately 4.4% of the company’s stock are sold short. Based on an average daily trading volume, of 102,300 shares, the days-to-cover ratio is currently 5.3 days.

Wall Street Analyst Weigh In

Separately, Roth Mkm cut their target price on Cambium Networks from $9.75 to $8.50 and set a “buy” rating on the stock in a research note on Friday, May 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.33.

Cambium Networks Stock Down 0.7 %

Shares of NASDAQ:CMBM traded down $0.02 during midday trading on Tuesday, reaching $2.90. The company had a trading volume of 62,439 shares, compared to its average volume of 105,671. The business’s 50 day moving average price is $3.51 and its 200 day moving average price is $4.24. Cambium Networks has a 1-year low of $2.81 and a 1-year high of $16.56. The company has a quick ratio of 1.33, a current ratio of 1.97 and a debt-to-equity ratio of 1.08. The stock has a market cap of $80.91 million, a PE ratio of -0.85 and a beta of 0.97.

Cambium Networks (NASDAQ:CMBM) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.21). The company had revenue of $42.34 million for the quarter, compared to analyst estimates of $45.57 million. Cambium Networks had a negative return on equity of 56.10% and a negative net margin of 50.94%. Research analysts forecast that Cambium Networks will post -0.93 EPS for the current fiscal year.

Institutional Trading of Cambium Networks

A number of large investors have recently added to or reduced their stakes in the company. Bridge City Capital LLC raised its holdings in shares of Cambium Networks by 3.5% in the 3rd quarter. Bridge City Capital LLC now owns 114,981 shares of the company’s stock valued at $843,000 after purchasing an additional 3,941 shares during the period. Vanguard Group Inc. lifted its position in shares of Cambium Networks by 0.8% in the first quarter. Vanguard Group Inc. now owns 798,373 shares of the company’s stock valued at $3,441,000 after buying an additional 6,125 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Cambium Networks by 18.3% in the third quarter. Acadian Asset Management LLC now owns 46,494 shares of the company’s stock valued at $339,000 after buying an additional 7,207 shares during the last quarter. Merlin Capital Inc boosted its stake in shares of Cambium Networks by 78.2% during the 4th quarter. Merlin Capital Inc now owns 22,480 shares of the company’s stock worth $135,000 after acquiring an additional 9,865 shares during the period. Finally, Federated Hermes Inc. increased its holdings in shares of Cambium Networks by 33.1% during the 3rd quarter. Federated Hermes Inc. now owns 40,000 shares of the company’s stock worth $293,000 after acquiring an additional 9,939 shares during the last quarter. Institutional investors and hedge funds own 87.17% of the company’s stock.

Cambium Networks Company Profile

Cambium Networks Corporation, together with its subsidiaries, engages in the design, development, and manufacture of wireless broadband and Wi-Fi networking infrastructure solutions. The company offers point-to-point fixed wireless backhaul and point-to-multipoint fixed wireless solutions; and enterprise solutions comprising cnMatrix cloud-managed wireless-aware switching solution, Xirrus Wi-Fi solutions, and Wi-Fi 6/6E access points which support cnMaestro and Xirrus XMS management.