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

Ceragon Networks Ltd. (NASDAQ:CRNT - Get Free Report) saw a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 699,300 shares, a growth of 120.6% from the April 30th total of 317,000 shares. Based on an average daily volume of 1,090,000 shares, the days-to-cover ratio is currently 0.6 days. Approximately 1.1% of the shares of the company are sold short.

Ceragon Networks Price Performance

Ceragon Networks stock traded up $0.08 during mid-day trading on Tuesday, reaching $2.42. 358,529 shares of the company were exchanged, compared to its average volume of 1,081,231. The firm has a market cap of $215.21 million, a PE ratio of 8.96 and a beta of 1.04. The company has a fifty day simple moving average of $2.24 and a 200-day simple moving average of $3.36. Ceragon Networks has a 12 month low of $1.95 and a 12 month high of $5.73.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.02. Ceragon Networks had a return on equity of 21.32% and a net margin of 6.10%. Sell-side analysts anticipate that Ceragon Networks will post 0.26 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on CRNT shares. Craig Hallum began coverage on Ceragon Networks in a research note on Thursday, March 13th. They issued a "buy" rating and a $5.00 price target for the company. Needham & Company LLC dropped their target price on Ceragon Networks from $6.00 to $4.50 and set a "buy" rating for the company in a report on Wednesday, May 7th. Finally, Wall Street Zen downgraded shares of Ceragon Networks from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $6.00.

Hedge Funds Weigh In On Ceragon Networks

Several hedge funds have recently bought and sold shares of CRNT. KLCM Advisors Inc. acquired a new stake in shares of Ceragon Networks during the 1st quarter worth approximately $1,871,000. Marshall Wace LLP lifted its stake in Ceragon Networks by 598.1% during the fourth quarter. Marshall Wace LLP now owns 703,091 shares of the communications equipment provider's stock worth $3,283,000 after purchasing an additional 602,383 shares during the last quarter. Millennium Management LLC lifted its stake in Ceragon Networks by 123.9% during the fourth quarter. Millennium Management LLC now owns 962,898 shares of the communications equipment provider's stock worth $4,497,000 after purchasing an additional 532,798 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Ceragon Networks by 47.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,333,295 shares of the communications equipment provider's stock valued at $6,226,000 after purchasing an additional 426,760 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Ceragon Networks in the 1st quarter valued at $983,000. 13.31% of the stock is owned by 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.