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

Ceragon Networks Ltd. (NASDAQ:CRNT) was the target of a large decline in short interest in 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. Approximately 0.4% of the company’s stock are sold short. Based on an average trading volume of 1,560,000 shares, the short-interest ratio is currently 0.2 days.

Ceragon Networks Price Performance

Shares of NASDAQ:CRNT opened at $4.73 on Wednesday. The stock has a market capitalization of $404.03 million, a P/E ratio of 21.50 and a beta of 1.60. The business has a 50-day moving average of $4.15 and a two-hundred day moving average of $3.20. Ceragon Networks has a fifty-two week low of $2.33 and a fifty-two week high of $5.73.

Analysts Set New Price Targets

CRNT has been the subject of several recent research reports. Roth Mkm started coverage on Ceragon Networks in a report on Monday, October 28th. They set a “buy” rating and a $4.50 price objective for the company. Roth Capital upgraded Ceragon Networks to a “strong-buy” rating in a report on Monday, October 28th. Needham & Company LLC restated a “buy” rating and issued a $6.00 price objective (up previously from $4.50) on shares of Ceragon Networks in a report on Wednesday, December 4th. Finally, Litchfield Hills Research started coverage on shares of Ceragon Networks in a research note on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 target price for the company. Three 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 presently has a consensus rating of “Buy” and a consensus target price of $6.83.

Institutional Investors Weigh In On Ceragon Networks

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd bought a new position in shares of Ceragon Networks in the second quarter valued at approximately $26,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Ceragon Networks in the second quarter valued at about $56,000. Sei Investments Co. grew its holdings 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 buying an additional 8,607 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Ceragon Networks in the third quarter worth $104,000. Finally, XTX Topco Ltd acquired a new position in Ceragon Networks during the 3rd quarter valued at $152,000. 13.31% of the stock is currently owned by institutional investors and hedge funds.

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.