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

Ceragon Networks Ltd. (NASDAQ:CRNT) was the recipient of a large increase in short interest in March. As of March 15th, there was short interest totalling 560,800 shares, an increase of 39.1% from the February 28th total of 403,200 shares. Based on an average daily trading volume, of 2,070,000 shares, the short-interest ratio is currently 0.3 days. Approximately 0.9% of the shares of the company are sold short.

Wall Street Analyst Weigh In

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

Institutional Trading of Ceragon Networks

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

Ceragon Networks Stock Down 1.2 %

CRNT traded down $0.03 on Friday, hitting $2.39. The company had a trading volume of 1,061,878 shares, compared to its average volume of 1,004,404. The business’s fifty day simple moving average is $3.45 and its 200 day simple moving average is $3.48. Ceragon Networks has a 12-month low of $2.33 and a 12-month high of $5.73. The company has a market cap of $212.33 million, a PE ratio of 8.85 and a beta of 1.62.

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.