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

Ceragon Networks Ltd. (NASDAQ:CRNT - Get Free Report) saw a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 272,600 shares, a decline of 35.4% from the December 15th total of 422,300 shares. Based on an average trading volume of 1,560,000 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.4% of the shares of the company are sold short.

Institutional Trading of Ceragon Networks

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC raised its holdings in Ceragon Networks by 35.4% during the 2nd quarter. Renaissance Technologies LLC now owns 643,816 shares of the communications equipment provider's stock valued at $1,610,000 after buying an additional 168,416 shares during the period. Walleye Capital LLC raised its holdings in Ceragon Networks by 95.1% during the 3rd quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider's stock valued at $778,000 after buying an additional 138,411 shares during the period. XTX Topco Ltd purchased a new stake in Ceragon Networks during the 3rd quarter valued at $152,000. JPMorgan Chase & Co. purchased a new stake in Ceragon Networks during the 3rd quarter valued at $104,000. Finally, Sei Investments Co. grew its position in Ceragon Networks by 45.7% in the 2nd quarter. Sei Investments Co. now owns 27,423 shares of the communications equipment provider's stock valued at $69,000 after acquiring an additional 8,607 shares during the last quarter. Hedge funds and other institutional investors own 13.31% of the company's stock.

Ceragon Networks Stock Performance

Shares of CRNT traded down $0.05 during mid-day trading on Wednesday, hitting $4.68. 1,417,425 shares of the stock were exchanged, compared to its average volume of 2,933,196. The company has a market cap of $399.76 million, a PE ratio of 21.27 and a beta of 1.60. Ceragon Networks has a 52-week low of $2.33 and a 52-week high of $5.73. The firm has a 50-day moving average of $4.15 and a two-hundred day moving average of $3.20.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Litchfield Hills Research assumed coverage on Ceragon Networks in a research note on Tuesday, December 3rd. They set a "buy" rating and a $10.00 price objective for the company. Needham & Company LLC restated a "buy" rating and issued a $6.00 price target (up from $4.50) on shares of Ceragon Networks in a research note on Wednesday, December 4th. Roth Capital upgraded Ceragon Networks to a "strong-buy" rating in a research note on Monday, October 28th. Finally, Roth Mkm initiated coverage on Ceragon Networks in a report on Monday, October 28th. They set a "buy" rating and a $4.50 price objective on the stock. Three analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Ceragon Networks presently has an average rating of "Buy" and an average target price of $6.83.

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.