Ceragon Networks Ltd. (NASDAQ:CRNT) Short Interest Update

Key Points

• Ceragon Networks Ltd. experienced a significant increase in short interest of 29.3% in August, with total shorted shares reaching 2,160,000 as of August 31.
• Several hedge funds have increased their stakes in Ceragon, with notable increases including a 123.9% rise by Millennium Management LLC during the fourth quarter.
• Wall Street analysts maintain a consensus rating of "Buy" for Ceragon Networks, with a target price averaging $5.30.

Ceragon Networks Ltd. (NASDAQ:CRNT - Get Free Report) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totaling 2,160,000 shares, a growth of 29.3% from the August 15th total of 1,670,000 shares. Based on an average daily volume of 794,000 shares, the short-interest ratio is presently 2.7 days. Currently, 2.6% of the shares of the stock are sold short. Currently, 2.6% of the shares of the stock are sold short. Based on an average daily volume of 794,000 shares, the short-interest ratio is presently 2.7 days.

Hedge Funds Weigh In On Ceragon Networks

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wedbush Securities Inc. boosted its stake in Ceragon Networks by 58.4% in the second quarter. Wedbush Securities Inc. now owns 23,664 shares of the communications equipment provider's stock valued at $58,000 after acquiring an additional 8,727 shares during the last quarter. BNP Paribas Financial Markets bought a new position in Ceragon Networks in the second quarter valued at approximately $26,000. Axis Wealth Partners LLC bought a new position in Ceragon Networks in the second quarter valued at approximately $26,000. Bank of Montreal Can bought a new position in Ceragon Networks in the second quarter valued at approximately $35,000. Finally, Worth Venture Partners LLC bought a new position in shares of Ceragon Networks during the first quarter worth $47,000. 13.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRNT. Needham & Company LLC reissued a "buy" rating and issued a $3.00 price target on shares of Ceragon Networks in a research report on Thursday. Roth Capital dropped their price target on shares of Ceragon Networks from $5.00 to $4.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $5.30.

Ceragon Networks Stock Down 2.0%

CRNT stock traded down $0.05 during midday trading on Friday, reaching $2.49. The company's stock had a trading volume of 1,388,424 shares, compared to its average volume of 675,267. Ceragon Networks has a 52 week low of $1.82 and a 52 week high of $5.73. The stock has a market cap of $221.44 million, a PE ratio of 15.56 and a beta of 1.08. The business's 50-day simple moving average is $2.12 and its 200-day simple moving average is $2.27.

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.