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

Ceragon Networks Ltd. (NASDAQ:CRNT) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 560,800 shares, a growth of 39.1% from the February 28th total of 403,200 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average daily trading volume, of 2,070,000 shares, the short-interest ratio is presently 0.3 days.

Ceragon Networks Price Performance

Ceragon Networks stock traded down $0.03 during midday trading on Friday, reaching $2.39. The company’s stock had a trading volume of 1,061,878 shares, compared to its average volume of 1,004,404. The stock has a market capitalization of $212.33 million, a P/E ratio of 8.85 and a beta of 1.62. The stock’s 50-day simple moving average is $3.45 and its 200-day simple moving average is $3.48. Ceragon Networks has a 52-week low of $2.33 and a 52-week high of $5.73.

Hedge Funds Weigh In On Ceragon Networks

Several hedge funds have recently modified their holdings of the stock. Hillsdale Investment Management Inc. grew its position in Ceragon Networks by 3.9% during the 4th quarter. Hillsdale Investment Management Inc. now owns 80,800 shares of the communications equipment provider’s stock worth $377,000 after purchasing an additional 3,000 shares during the last quarter. Algert Global LLC grew its holdings in shares of Ceragon Networks by 32.2% during the fourth quarter. Algert Global LLC now owns 46,454 shares of the communications equipment provider’s stock valued at $217,000 after buying an additional 11,310 shares during the last quarter. Penn Capital Management Company LLC purchased a new position in Ceragon Networks in the 4th quarter worth $54,000. Commonwealth Equity Services LLC acquired a new stake in Ceragon Networks during the 4th quarter worth about $58,000. Finally, Sei Investments Co. grew its stake in Ceragon Networks by 21.6% during the 4th quarter. Sei Investments Co. now owns 78,180 shares of the communications equipment provider’s stock valued at $365,000 after purchasing an additional 13,909 shares during the last quarter. Institutional investors and hedge funds own 13.31% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on CRNT shares. Craig Hallum assumed coverage on Ceragon Networks in a research report on Thursday, March 13th. They set a “buy” rating and a $5.00 target price on the stock. StockNews.com downgraded shares of Ceragon Networks from a “buy” rating to a “hold” rating in a report on Thursday, March 20th. Needham & Company LLC restated a “buy” rating and issued a $6.00 price target on shares of Ceragon Networks in a report on Wednesday, February 12th. Finally, Litchfield Hills Research started coverage on shares of Ceragon Networks in a research report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 price objective on the stock. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Ceragon Networks currently has an average rating of “Buy” and an average target price of $6.38.

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.