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

Ceragon Networks Ltd. (NASDAQ:CRNT) was the target of a significant growth in short interest in February. As of February 15th, there was short interest totalling 732,400 shares, a growth of 195.2% from the January 31st total of 248,100 shares. Based on an average daily volume of 2,450,000 shares, the short-interest ratio is presently 0.3 days. Approximately 1.1% of the company’s stock are short sold.

Analysts Set New Price Targets

CRNT has been the subject of a number of research reports. Litchfield Hills Research started coverage on shares of Ceragon Networks in a report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $6.00 target price on shares of Ceragon Networks in a research note on Wednesday, February 12th. Finally, StockNews.com cut Ceragon Networks from a “buy” rating to a “hold” rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $6.83.

Ceragon Networks Stock Performance

Shares of CRNT stock traded down $0.06 during midday trading on Friday, reaching $2.75. 785,874 shares of the company were exchanged, compared to its average volume of 2,532,318. The company’s 50 day moving average price is $4.38 and its two-hundred day moving average price is $3.52. The company has a market cap of $234.47 million, a P/E ratio of 10.18 and a beta of 1.59. Ceragon Networks has a 12 month low of $2.33 and a 12 month high of $5.73.

Institutional Investors Weigh In On Ceragon Networks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its position in shares of Ceragon Networks by 47.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,333,295 shares of the communications equipment provider’s stock valued at $6,226,000 after purchasing an additional 426,760 shares during the period. Millennium Management LLC boosted its stake in Ceragon Networks by 123.9% during the fourth quarter. Millennium Management LLC now owns 962,898 shares of the communications equipment provider’s stock valued at $4,497,000 after buying an additional 532,798 shares in the last quarter. Marshall Wace LLP grew its holdings in Ceragon Networks by 598.1% during the fourth quarter. Marshall Wace LLP now owns 703,091 shares of the communications equipment provider’s stock worth $3,283,000 after acquiring an additional 602,383 shares during the period. Lazard Asset Management LLC raised its position in Ceragon Networks by 26.7% in the fourth quarter. Lazard Asset Management LLC now owns 570,288 shares of the communications equipment provider’s stock worth $2,663,000 after acquiring an additional 120,106 shares in the last quarter. Finally, Navellier & Associates Inc. bought a new stake in Ceragon Networks in the fourth quarter worth about $1,804,000. Institutional investors own 13.31% of the company’s stock.

Ceragon Networks Company Profile

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.