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

Ceragon Networks Ltd. (NASDAQ:CRNT) was the target of a significant increase in short interest during the month of August. As of August 15th, there was short interest totaling 1,670,000 shares, anincreaseof46.5% from the July 31st total of 1,140,000 shares. Approximately2.0% of the shares of the company are sold short. Based on an average trading volume of 818,300 shares, the short-interest ratio is presently 2.0 days. Based on an average trading volume of 818,300 shares, the short-interest ratio is presently 2.0 days. Approximately2.0% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Roth Capital lowered their target price on shares of Ceragon Networks from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, July 18th. Needham & Company LLC lowered their target price on shares of Ceragon Networks from $4.50 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $5.30.

Ceragon Networks Stock Down 1.2%

Shares of NASDAQ CRNT traded down $0.03 during mid-day trading on Tuesday, hitting $2.00. 77,520 shares of the company were exchanged, compared to its average volume of 1,261,362. The stock has a 50 day simple moving average of $2.19 and a 200-day simple moving average of $2.30. Ceragon Networks has a 1-year low of $1.82 and a 1-year high of $5.73. The firm has a market cap of $177.42 million, a price-to-earnings ratio of 12.53 and a beta of 1.08.

Institutional Investors Weigh In On Ceragon Networks

A number of hedge funds and other institutional investors have recently bought and sold shares of CRNT. KLCM Advisors Inc. acquired a new stake in Ceragon Networks in the first quarter valued at $1,871,000. First Wilshire Securities Management Inc. lifted its holdings in Ceragon Networks by 23.6% in the second quarter. First Wilshire Securities Management Inc. now owns 4,058,774 shares of the communications equipment provider’s stock valued at $9,985,000 after acquiring an additional 775,782 shares during the period. Millennium Management LLC lifted its holdings in Ceragon Networks by 123.9% in the fourth quarter. Millennium Management LLC now owns 962,898 shares of the communications equipment provider’s stock valued at $4,497,000 after acquiring an additional 532,798 shares during the period. Squarepoint Ops LLC lifted its holdings in Ceragon Networks by 642.7% in the second quarter. Squarepoint Ops LLC now owns 552,939 shares of the communications equipment provider’s stock valued at $1,360,000 after acquiring an additional 478,489 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in Ceragon Networks in the first quarter valued at $983,000. Institutional investors and hedge funds 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.