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

Ceragon Networks Ltd. (NASDAQ:CRNT) saw a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 560,800 shares, a growth of 39.1% from the February 28th total of 403,200 shares. Based on an average trading volume of 2,070,000 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.9% of the company’s shares are short sold.

Analysts Set New Price Targets

Several brokerages recently commented on CRNT. Needham & Company LLC restated a “buy” rating and set a $6.00 target price on shares of Ceragon Networks in a research report on Wednesday, February 12th. StockNews.com cut Ceragon Networks from a “buy” rating to a “hold” rating in a report on Thursday, March 20th. Craig Hallum started coverage on shares of Ceragon Networks in a research report on Thursday, March 13th. They set a “buy” rating and a $5.00 target price on the stock. Finally, Litchfield Hills Research assumed coverage on shares of Ceragon Networks in a report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 price target for the company. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $6.38.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Penn Capital Management Company LLC purchased a new position in shares of Ceragon Networks in the 4th quarter worth about $54,000. Commonwealth Equity Services LLC purchased a new stake in Ceragon Networks in the fourth quarter worth approximately $58,000. Bravias Capital Group LLC bought a new position in Ceragon Networks during the fourth quarter valued at approximately $71,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Ceragon Networks during the fourth quarter worth approximately $81,000. Finally, Perigon Wealth Management LLC bought a new stake in shares of Ceragon Networks in the 4th quarter worth approximately $90,000. Hedge funds and other institutional investors own 13.31% of the company’s stock.

Ceragon Networks Stock Performance

NASDAQ:CRNT opened at $2.35 on Tuesday. Ceragon Networks has a 52-week low of $2.29 and a 52-week high of $5.73. The business’s fifty day moving average is $3.41 and its 200 day moving average is $3.48. The firm has a market cap of $208.77 million, a price-to-earnings ratio of 8.70 and a beta of 1.62.

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.