Ceragon Networks Ltd. (NASDAQ:CRNT) Short Interest Up 120.6% in May

Ceragon Networks Ltd. (NASDAQ:CRNT - Get Free Report) was the recipient of a large growth in short interest in 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 trading volume of 1,090,000 shares, the days-to-cover ratio is presently 0.6 days. Currently, 1.1% of the company's stock are short sold.

Analyst Ratings Changes

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

Ceragon Networks Price Performance

Shares of CRNT traded down $0.05 during mid-day trading on Friday, reaching $2.26. 473,313 shares of the company's stock were exchanged, compared to its average volume of 1,086,079. Ceragon Networks has a 52-week low of $1.95 and a 52-week high of $5.73. The stock has a market capitalization of $200.98 million, a PE ratio of 8.37 and a beta of 1.04. The business's fifty day simple moving average is $2.24 and its 200-day simple moving average is $3.36.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) last issued its quarterly earnings data 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 net margin of 6.10% and a return on equity of 21.32%. Equities research analysts predict that Ceragon Networks will post 0.26 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. purchased a new position in Ceragon Networks during the 3rd quarter worth $104,000. Perigon Wealth Management LLC purchased a new position in Ceragon Networks during the 4th quarter worth $90,000. Wells Fargo & Company MN grew its position in Ceragon Networks by 1,419.4% during the 4th quarter. Wells Fargo & Company MN now owns 23,550 shares of the communications equipment provider's stock worth $110,000 after purchasing an additional 22,000 shares during the last quarter. Commonwealth Equity Services LLC purchased a new position in Ceragon Networks during the 4th quarter worth $58,000. Finally, Russell Investments Group Ltd. purchased a new position in Ceragon Networks during the 4th quarter worth $526,000. 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.