Short Interest in Ceragon Networks Ltd. (NASDAQ:CRNT) Expands By 195.2%

Ceragon Networks Ltd. (NASDAQ:CRNT) was the recipient of a large increase in short interest in the month of February. As of February 15th, there was short interest totalling 732,400 shares, an increase of 195.2% from the January 31st total of 248,100 shares. Based on an average trading volume of 2,450,000 shares, the short-interest ratio is currently 0.3 days. Currently, 1.1% of the shares of the company are sold short.

Institutional Investors Weigh In On Ceragon Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Penn Capital Management Company LLC purchased a new stake in shares of Ceragon Networks during the 4th quarter worth about $54,000. Commonwealth Equity Services LLC purchased a new stake in shares of Ceragon Networks during the 4th quarter worth about $58,000. Bravias Capital Group LLC purchased a new stake in shares of Ceragon Networks during the 4th quarter worth about $71,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Ceragon Networks in the 4th quarter valued at about $81,000. Finally, Perigon Wealth Management LLC acquired a new stake in Ceragon Networks in the 4th quarter valued at approximately $90,000. 13.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRNT. Litchfield Hills Research began coverage on Ceragon Networks in a research report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $6.00 target price on shares of Ceragon Networks in a research report on Wednesday, February 12th. Finally, StockNews.com downgraded Ceragon Networks from a “buy” rating to a “hold” rating in a research report on Thursday. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ceragon Networks currently has a consensus rating of “Buy” and a consensus target price of $6.83.

Ceragon Networks Stock Performance

Shares of CRNT opened at $2.79 on Friday. The business’s 50-day moving average is $4.35 and its two-hundred day moving average is $3.53. The company has a market capitalization of $238.32 million, a P/E ratio of 10.33 and a beta of 1.59. Ceragon Networks has a fifty-two week low of $2.33 and a fifty-two week high of $5.73.

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.