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

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 large increase in short interest in August. As of August 31st, there was short interest totaling 2,160,000 shares, an increase of 29.3% from the August 15th total of 1,670,000 shares. Based on an average trading volume of 794,000 shares, the short-interest ratio is currently 2.7 days. Currently, 2.6% of the company's shares are short sold. Currently, 2.6% of the company's shares are short sold. Based on an average trading volume of 794,000 shares, the short-interest ratio is currently 2.7 days.

Hedge Funds Weigh In On Ceragon Networks

A number of institutional investors have recently made changes to their positions in the stock. Wedbush Securities Inc. increased 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 purchasing an additional 8,727 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in Ceragon Networks in the second quarter valued at $26,000. Axis Wealth Partners LLC acquired a new position in Ceragon Networks in the second quarter valued at $26,000. Bank of Montreal Can acquired a new position in Ceragon Networks in the second quarter valued at $35,000. Finally, Worth Venture Partners LLC acquired a new position in Ceragon Networks in the first quarter valued at $47,000. 13.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Ceragon Networks Stock Up 8.1%

Shares of Ceragon Networks stock traded up $0.19 during trading on Thursday, reaching $2.54. The company's stock had a trading volume of 1,597,273 shares, compared to its average volume of 613,560. The business has a 50 day moving average price of $2.12 and a 200-day moving average price of $2.27. The company has a market capitalization of $225.88 million, a P/E ratio of 15.88 and a beta of 1.08. Ceragon Networks has a 12-month low of $1.82 and a 12-month high of $5.73.

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.