Short Interest in Ceragon Networks Ltd. (NASDAQ:CRNT) Declines By 35.4%

Ceragon Networks Ltd. (NASDAQ:CRNT) was the recipient 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. Currently, 0.4% of the company’s stock are short sold. Based on an average trading volume of 1,560,000 shares, the short-interest ratio is presently 0.2 days.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $6.00 target price on shares of Ceragon Networks in a research note on Thursday. Litchfield Hills Research began coverage on shares of Ceragon Networks in a report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 price target on the stock. Roth Mkm assumed coverage on shares of Ceragon Networks in a research note on Monday, October 28th. They set a “buy” rating and a $4.50 price objective for the company. Finally, Roth Capital raised shares of Ceragon Networks to a “strong-buy” rating in a research report on Monday, October 28th. Three investment 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 a consensus price target of $6.83.

Ceragon Networks Price Performance

Ceragon Networks stock traded down $0.07 during midday trading on Friday, reaching $4.49. The company’s stock had a trading volume of 1,155,487 shares, compared to its average volume of 2,641,435. The stock has a market capitalization of $383.54 million, a P/E ratio of 20.41 and a beta of 1.60. The stock’s 50-day simple moving average is $4.24 and its 200-day simple moving average is $3.22. 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

Hedge funds and other institutional investors have recently modified their holdings of the stock. WINTON GROUP Ltd purchased a new stake in Ceragon Networks during the 2nd quarter worth approximately $26,000. Renaissance Technologies LLC grew its holdings in shares of Ceragon Networks by 35.4% during the second 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 last quarter. Sei Investments Co. grew its holdings in shares of Ceragon Networks by 45.7% during the second 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. Cubist Systematic Strategies LLC acquired a new position in shares of Ceragon Networks in the 2nd quarter valued at $56,000. Finally, Walleye Capital LLC raised its stake in Ceragon Networks by 95.1% in the 3rd quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider’s stock worth $778,000 after acquiring an additional 138,411 shares during the last quarter. 13.31% of the stock is owned by hedge funds and other institutional investors.

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.