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

Ceragon Networks Ltd. (NASDAQ:CRNT) saw a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 85,900 shares, an increase of 8.2% from the October 15th total of 79,400 shares. Based on an average daily volume of 322,200 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.1% of the shares of the company are sold short.

Institutional Investors Weigh In On Ceragon Networks

A number of institutional investors have recently added to or reduced their stakes in CRNT. WINTON GROUP Ltd bought a new position in Ceragon Networks during the second quarter worth about $26,000. Cubist Systematic Strategies LLC bought a new position in Ceragon Networks during the second quarter worth about $56,000. Sei Investments Co. lifted its stake in Ceragon Networks by 45.7% during the second quarter. Sei Investments Co. now owns 27,423 shares of the communications equipment provider’s stock worth $69,000 after purchasing an additional 8,607 shares during the period. XTX Topco Ltd bought a new position in Ceragon Networks during the third quarter worth about $152,000. Finally, Lazard Asset Management LLC lifted its stake in Ceragon Networks by 9,906.9% during the first quarter. Lazard Asset Management LLC now owns 94,765 shares of the communications equipment provider’s stock worth $303,000 after purchasing an additional 93,818 shares during the period. 13.31% of the stock is owned by institutional investors and hedge funds.

Ceragon Networks Stock Up 15.1 %

CRNT stock opened at $3.12 on Tuesday. Ceragon Networks has a twelve month low of $1.75 and a twelve month high of $3.38. The company has a market cap of $266.51 million, a PE ratio of 14.18 and a beta of 1.35. The business’s 50-day simple moving average is $2.61 and its 200 day simple moving average is $2.66.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CRNT. Roth Capital raised Ceragon Networks to a “strong-buy” rating in a research report on Monday, October 28th. Roth Mkm initiated coverage on Ceragon Networks in a research report on Monday, October 28th. They set a “buy” rating and a $4.50 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $5.25 target price on shares of Ceragon Networks in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Strong Buy” and a consensus price target of $4.88.

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.